REE Automotive Will Open its U.S. Headquarters and First Integration Center in Austin, Texas, as it Prepares for Production in 2023
[ad_1]
Tel Aviv, Israel – (BUSINESS WIRE) – REE Automotive Ltd. [NASDAQ: “REE”], a leader in e-mobility, today announced the opening of its US headquarters in Austin, Texas to meet the growing US market demand for mission-specific electric vehicles from delivery and logistics companies, mobility-as-a-service and emerging technology providers meet. In addition, Austin will be the location of REE’s first asset-light integration center for the assembly and testing of its disruptive REEcorner ™ technology and ultra-modular EV platforms. The new integration center will offer REE’s technology to its existing and future automotive partners in North America and enable them to build modular electric vehicles “Powered by REE”. REE is exploring several collaborations with a number of Koch Industries, Inc. companies to assist and expedite the establishment of REE’s integration center in Austin. Koch Strategic Platforms, LLC, a subsidiary of Koch Industries, is also an investor in REE. REE’s Austin facility is expected to create around 150 jobs over the coming years.
“The establishment of our US headquarters in Austin, Texas positions us best for growth and rapid expansion,” said Daniel Barel, Co-Founder and CEO of REE. “Austin is fast becoming a global home for elite tech professionals. REE needs to keep growing and thriving, and Austin’s dynamism and entrepreneurship definitely fit into REE’s culture and values. Our US presence will allow us to capitalize on the incredible opportunities in the US market and bring us closer to our North American based customers and partners, including Magna International and JB Poindexter, as we work together to create modular electric vehicles (MEVs ™) to develop and deliver). ”
REEcorner ™ technology integrates critical vehicle components, including steering, braking, suspension, drivetrain and steering, into a single compact module between the chassis and wheel, using X-by-wire technology for steering, driving and braking. This innovation has enabled REE to develop a modular, completely flat skateboard chassis with more space for passengers, cargo and batteries that can be customized. EV platforms using REEcorners ™ are independent of vehicle size and design, power source and driving mode, allowing REE to target a total addressable market of $ 700 billion and OEMs, delivery fleets, mobility-as-a-service providers and newcomers Mobility support can get to market faster at a fraction of the cost.
REE intends to develop a global network of production capacities from Tier 1 partners, with full component assembly and testing taking place at the point of sale in REE’s integration centers. REE expects this manufacturing process to significantly reduce capital expenditures and increase REE’s global presence and market share. REE’s CapEx-light manufacturing approach and integration centers are designed to enable the company to remain a comparatively resource-efficient company, which will help increase operating margins and ROI and reduce the carbon footprint of its operations.
Michael Charlton, COO of REE, commented, “REE’s integration centers will be fully modular and scalable to ensure that the company will meet forecast production levels. The state-of-the-art centers will use automation, including Automated Guided Vehicles (AGVs), for the optimal movement of assemblies, with the aim of increasing the level of automation to Industry 4.0 technology and beyond. ”
About REE
REE is a technology leader in the automotive industry and is laying the foundation for the emission-free vehicles of tomorrow. REE’s mission is to enable global mobility companies to build electric or autonomous vehicles of any size and shape – from Class 1 to Class 6 – for every application and target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drivetrain components (steering, brakes, suspension, drivetrain, and controls) into the wheel arch, enabling the slimmest EV platform in the industry. Without the limitations of legacy thinking, REE is a truly horizontal player with technology that is suitable for a wide variety of target markets and applications. Fully scalable and fully modular, REE offers several customer benefits, including complete freedom in vehicle design, more space and volume with the smallest footprint, lower total cost of ownership, faster development times, ADAS compatibility, reduced maintenance and compliance with global safety standards.
REE is headquartered in Tel Aviv, Israel and has offices in the US, UK and Germany and has a CapEx light manufacturing model that uses the existing production lines of its Tier 1 partners. REE’s technology, along with its unique value proposition and commitment to excellence, enables REE to break new ground in e-mobility.
Further information can be found at: www.ree.auto
Beware of forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, may be forward-looking statements. Words like “can”, “will”, “should”, “likely”, “expected”, “expected”, “intends”, “plan”, “project”, “believe”, “see”, “estimate”, “Future,” “allowing,” “goals,” “aiming,” “endeavoring” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the company’s statements about the company’s strategic and business plans, relationships, or prospects, the effects of trends and interests in its business, intellectual property, or product, and future results. These forward-looking statements are based on REE’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and can be beyond the control of REE. Forward-looking statements in this release or elsewhere speak only as of the date and REE assumes no obligation to update its forward-looking statements as a result of new information, future developments or otherwise as circumstances change, unless otherwise required by securities and other applicable regulations Laws. Given these risks and uncertainties, investors should be cautioned that results, events or developments discussed in any forward-looking statements in this release may not occur. Uncertainties and risk factors that could affect REE’s future performance and could cause results to differ from the forward-looking statements in this press release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and develop relationships with current Tier 1 suppliers and strategic partners; Development of the advanced prototypes of REE into marketable products; REE’s ability to expand and scale manufacturing capabilities through relationships with Tier 1 suppliers; REE estimates of unit sales, expenses, and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence to develop, validate, verify, test and homologate its products; REE’s limited operational history; Risks associated with plans for initial commercial production of REE; REE’s reliance on potential suppliers, some of whom are from a single or limited source; Developing the market for commercial electric vehicles; Intense competition in the field of electromobility, also with competitors who have significantly more resources; Risks related to the fact that the company is incorporated in Israel and is subject to Israeli law; REE’s ability to continuously invest in its platform; the impact of the ongoing COVID-19 pandemic and other potentially emerging global health epidemics or outbreaks; the need to attract, train and retain a highly skilled technical workforce; Changes in laws and regulations that affect REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified people to achieve its goals; and other risks and uncertainties set out in the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of REE’s final prospectus with respect to its business combination filed with the US Securities and Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors contained in the final prospectus are considered representative, this list should not be considered an exhaustive representation of all potential risks and uncertainties. Factors that are not listed can also make it considerably more difficult to implement forward-looking statements.
[ad_2]