Israeli electric vehicle (EV) innovator, REE Automotive, has put a lot of though into its 2021 plans. The e-Mobility company has already announced its step towards the public sector with the planned SPAC merger with NASDAQ traded 10X Capital Venture Acquisition Corp. Now, REE is putting its new found power to the test with the establishment of a state-of-the-art ‘Engineering Center of Excellence’ in the U.K.
"Mass production beginning in 2023"
"I am excited to announce another major milestone for REE towards bringing our technology and products to the market as we expand our global footprint. With the recent announcement that we plan to go public via a SPAC through our merger with 10X Capital Venture Acquisition Corp. and funding from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International, REE would have sufficient capital to accelerate mass production of REEcorner technology and modular EV platforms,” said REE co-founder and CEO Daniel Barel, excited, following incredible company growth over the past year.
REE Automotive develops agnostic EV platforms that integrate all critical vehicle components, such as steering, suspension, control, and more, into the arch of the wheel. This allows vehicle manufacturers to incorporate REE’s flat electric chassis into the broader design of a vehicle. The platform is made to fit manufacturers’ requirements, whether making cars, vans, or trucks of any size, and at scale. This allows manufacturers freedom to design vehicles built for the future, especially as the autonomous revolution nears ever closer, with open cabins, offering more room for cargo people, and of course the staple of any electric vehicle - batteries.
According to REE, the new Engineering Center, which is expected to introduce at least 200 new jobs over the next few years, will help accelerate the company’s plans to meet global demand for greener vehicles. The center, which is set at the MIRA Technology Park in the U.K. - Europe’s leading mobility R&D location, will allow REE to enhance and advance its REEcorner and EV Platform design. This is in addition to having access to world-class testing, validating, and verifying facilities that will allow REE to physically test and validate its EV technologies.
“The first REEcorners are expected to be delivered to customers in 2022, with mass production beginning in 2023. This new Engineering Center is a state-of-the-art facility allowing us to accelerate our validation, verification and testing as well as product homologation," explains REE co-founder and CEO Daniel Barel.
REE is headed to the U.S. next
REE's unique CapEx-light manufacturing model will utilize globally located integration centers, creating scalable and agile unit economics. REE intends to assemble components at its integration centers, thus reducing Capex requirements, and expects to establish a network of 15 integration centers with the first one set to open in the US in 2021. REE plans to manufacture via a secured and exclusive global network of Tier 1 partners in over 30 countries, with point-of-sale assembly.
Lord Grimstone of Boscobel Kt, Minister for Investment at the Department for International Trade: "The UK is the most welcoming location for a pioneering automotive company like REE thanks to our leading position in both CAM and vehicle electrification. The Government's multi-million 'Driving the Electric Revolution' program, which drives forward new solutions in automotive power electronics, motors and drives, has played a major role in bringing this exciting investment to the UK. I wish the company every success in its new home."