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REE Automotive goes public with blank-check company
Last Mile Delivery Automation
Feb 3, 2021
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Last Mile Delivery Automation

Last Mile Delivery Automation

View industry hub
Feb 3, 2021

REE Automotive goes public with blank-check company

Partnerships

  • REE Automotive (REE), a technology platform provider for autonomous vehicles, has agreed to be listed on the Nasdaq through a merger with a blank-check company, 10X Capital Venture Acquisition Corp. 

  • The deal values REE at USD 3.6 billion, with proceeds of USD 500 million provided to REE. This includes USD 300 million from investors, including Mahindra and Mahindra, Koch Strategic Platforms, and Magna International.  

  • REE’s existing investors will own more than 80% of the combined entity.

  • The company intends to have 16 assembly plants by 2026 in locations including the US, Germany, and Japan. It also aims to begin mass production in 2022 and has signed MOUs for around USD 5.1 billion in orders through 2026.  

  • Based in Israel, REE provides a technology platform that integrates all drive components into the arch of the wheel and the flat, modular chassis, which can be used as a battery or fuel cell-powered vehicles. Its technology is used in autonomous delivery trucks, shuttles, and robotaxis. The platform enables the design of autonomous vehicles for a broad range of purposes, including last-mile delivery, mobility-as-a-service, mid-mile delivery, and medium-duty delivery, among others.

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