Ree Automotive, Magna sign strategic collaboration agreement

Ree Automotive Ltd., an electric mobility company, has announced a strategic collaboration agreement with Magna International Inc., a mobility technology company, with the goal of bringing to market innovative, full-fledged 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 Reecorner technology with Magna’s vehicle systems integration expertise and world-class manufacturing capabilities, to develop MEVs that enable commercial customers to customize vehicles based on their specifications and branding, while accelerating time to market.

“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,” said Daniel Barel, Ree co-founder and CEO, Tel Aviv, Isreal. “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.”

An aerial view of Ree’s electric vehicle platform.

“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 and marketing officer of Magna, based in Aurora, Ontario, Canada. “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 sector that leverages Ree’s proprietary X-by-Wire ReecornerM and EV platform technology as well as Magna’s industrial footprint and capabilities.

The cornerstone of the collaboration is Ree’s proprietary Reecorner technology which integrates critical vehicle components into an area between the chassis and the wheel – the corners – creating a compact single module where each corner is controlled by Ree’s proprietary x-by-wire control technology. The company said this results in a fully-flat skateboard EV platform that offers room for passengers, cargo, and batteries.

Ree’s technologies are designed to support the creation of MEVs with maximum payload capacity for transporting passengers and cargo, said the company.

In February, it announced the establishment of a new Engineering Center of Excellence expected to help expedite its plans to meet the anticipated global demand for its technology.

The engineering center will spearhead Reecorner and EV platform engineering design, validation, verification and testing, as well as product homologation. Ree will also have access to world-class test facilities and a proving ground for physical testing and validation.

The opening of the center at MIRA Technology Park in the UK is anticipated to create approximately 200 highly skilled jobs in the next few years.