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REE Automotive
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ADVs
Product stage:
Seed

REE Automotive , listed on Nasdaq since July 2021, offers four-wheeled, customizable electric self-driving chassis platforms. Its “REEcorner” technology platform integrates all drive components into the arch of the wheel while the flat, modular chassis can be used as a battery or fuel cell-powered vehicle. Its technology is used in autonomous delivery trucks, shuttles, and robotaxis. The Israeli company offers the products in five different models with varying carrying capacities and speed limits for a broad range of purposes, including last-mile delivery, mobility-as-a-service, mid-mile delivery, and medium-duty delivery, among others. In November 2021, REE Automotive unveiled a fully autonomous modular EV concept vehicle dubbed “Leopard,” pitched toward purposes like last-mile delivery. It has a cargo volume of 180 cubic feet, and can travel at a maximum speed of 60 mph. REE Automotive also commenced trials of its medium-duty delivery platform dubbed “P7” in January 2022.

As announced in February 2021, REE Automotive intends to have around 15 assembly plants by 2026 in locations including the US, Germany, and Japan; the first set to open in Austin, Texas with production to begin by 2023. The manufacturing would take place via a network of OEMs from more than 30 countries, including American Axle, Mahindra, KYB, and Brembo and then be assembled at its plants. It also aims to begin mass production in 2022 and has signed MOUs for around USD 5.1 billion in orders through 2026.

In February 2021, REE Automotive announced its plans to open a new engineering center in Warwickshire, UK, to expedite engineering design, validation, verification testing, and product homologation. The select location will also provide REE Automotive with access to physical testing and validation facilities at the MIRA Technology Park.

The company formed several strategic partnerships in 2021 including 1) an April 2021 agreement with Magna International, a mobility technology company, 2) Hino Motors, a Toyota subsidiary that manufactures commercial vehicles and diesel engines, to build Modular Electric Vehicles (MEVs) in a deal signed in April 2021, 3) another agreement that same month with Navya, a French self-driving tech company, to develop the Society of Automotive Engineers (SAE) Level-4 autonomous system to integrate with REEcorner technology (road testing completed and second stage integration testing to commence as of September 2021), 4) a May 2021 agreement with American Axle & Manufacturing, a US-based automotive supplier, to design an electric drive system for its platform, and 5) a July 2021 agreement with EAVX, a business unit of the commercial automotive and manufacturing goods and services provider JB Poindexter & Co, to integrate REEcorner technology with JB Poindexter’s commercial vehicle bodies manufactured in the US.

The company announced plans to go public in February 2021, merging with the blank-check company, 10X Capital Venture Acquisition Corp. The deal valued REE at USD 3.6 billion and raised USD 500 million for the company. This includes USD 300 million from a group of investors including Mahindra and Mahindra, Koch Strategic Platforms, and Magna International. REE’s existing investors own more than 80% of the combined entity. The company was also awarded a USD 17 million grant from the UK government in August 2021, for commercial production of its REEcorner technology and its modular electric vehicle platforms.

Last Mile Delivery Automation

Last Mile Delivery Automation

Key stats
Featured companies
74
Total funding (USD)
4 Bn
Total addressable market (USD)
60 Bn
Key competitors
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Company Brief

HQ location:Tel Aviv ISR
Founded year:2011
Employees:51-100
Total Funding:USD 317.0 million
Last Funding:USD 17.0 million, Aug 2021

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