Magna joins forces with Israeli startup REE Automotive to build modular electric vehicles
E-mobility startup REE Automotive announced a strategic collaboration agreement with Magna International, a mobility technology company, with the goal of bringing to market innovative Modular Electric Vehicles (MEVs) for tech companies and new electric mobility players under the ‘Powered by REE’ brand.
The strategic collaboration will explore the combination of REE’s REEcornerTM technology with Magna’s vehicle systems integration expertise and manufacturing capabilities, to develop MEVs that enable commercial customers to customize vehicles based on their specifications and branding, while accelerating time to market.
Daniel Barel, REE Co-Founder and CEO, commented, “We are thrilled to reach a collaboration agreement with Magna, which should help put us on the fast track to support a broad range of electric vehicles (EVs). We see a growing demand for highly modular EVs from leading tech companies and new electric mobility players who have set their sights on entering the EV realm and building a brand in automotive. REE and Magna working together under the ‘Powered by REE’ approach can help bring their vision to life.”
“The evolving mobility landscape is opening new business model opportunities for Magna with our systems capability and unique ability to design, engineer and assemble vehicles,” said Eric Wilds, Chief Sales & Marketing Officer of Magna. “We are excited about our collaboration with REE and our ability to offer another capability to support potential new customers and Mobility-as-a-Service.”
REE and Magna will also explore potential collaboration in global mobility through the creation of a “Mobility-as-a- Service” (MaaS) venture in the Light Commercial Vehicle (LCV) sector that leverages REE’s proprietary X-by-Wire REEcornerTM and EV platform technology as well as Magna’s industrial footprint and capabilities.