REE Automotive

Israel-based REE Automotive offers customizable four-wheeled, electric self-driving chassis platforms. The company is based in Israel and planned to open its North American headquarters in Texas. 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 company’s offering as of March 2021 included five different models, with the P6 and P7 versions targeting mid-mile and cargo delivery. Its P6 model is designed for autonomous cargo delivery and can travel at a maximum speed of 68 mph, carrying a payload of around 6,000 lbs while covering a radius of roughly 155 miles. The P7 chassis, primarily designed to accommodate medium-duty commercial vehicles, can travel at a maximum speed of 80 mph, carrying a payload of around 8,800 lbs covering a 370-mile range. The company commenced trials of its P7 in January 2022, with plans to start mass production in H2 2023. The company offers two vehicle models built on the P7 model—a walk-in van and an electric Class 3 box truck. In January 2023 , REE Automotive commenced customer deliveries of the P7-C electric chassis cab. 

As announced in February 2021, REE Automotive intended to have around 15 assembly plants by 2026 in locations including the US, Germany, and Japan. The manufacturing would take place via a network of OEMs from more than 30 countries, including American Axle, Mahindra, KYB, 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. The company has an engineering center in Warwickshire, UK, a facility in Coventry, UK, and plans to build another facility in Austin, Texas in 2023. The company was expected to produce up to 10,000 vehicle sets by end-2022 and double its capacity by 2023.

Key customers and partnerships

The company formed several strategic product partnerships including with 1) Magna International, a mobility technology company (April 2021), 2) Hino Motors, a Toyota subsidiary that manufactures commercial vehicles and diesel engines (April 2021), 3) Navya, a French self-driving tech company (April 2021) , 4) American Axle & Manufacturing, a US-based automotive supplier (May 2021; and November 2021), 5) Brembo, a break technology provider to supply braking systems (November 2021), 5) EAVX, a business unit of the commercial automotive and manufacturing goods and services provider JB Poindexter & Co. (July 2021), 6) Hitachi America (December 2021) , and 7) Knapheide, a North American work truck body manufacturer ( August 2023 ).

Funding and financials

REE Automotive revenue of USD 1.6 million and reported an operating loss of USD 119.9 million during the year ended December 2023. REE Automotive, listed on Nasdaq since July 2021, went public by merging with the blank-check company in a deal valuing the company at USD 3.6 billion, with USD 500 million provided to the company (announced in February 2021). 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. In March 2024 , REE Automotive announced a public offering of 2 million Class A ordinary shares (priced at USD 6.50 per share) to raise USD 13 million. The company intended to use the funds for working capital and general corporate purposes, which include product development and commercialization.

Key competitors: None comparable (REE Automotive is the only company to build autonomous chassis platforms for trucks)