Israeli electric vehicle startup REE Automotive plans to start production of an electric delivery van and a people mover in 2023, said a top executive of the company that on Thursday was given the green signal by its shareholders to get into as reverse merger arrangement with special acquisition company 10X Capital Venture Acquisition Corp.
While the company currently does not have a specific number of orders, the strength of the company is in the various partnerships that it has struck so far, said REE’s Chief Executive Daniel Barel. In recent times, announcement of having received large orders have been made by a number of electric van startups.
The company began trading under the "REE" symbol on Friday.
The Tel Aviv-based REE's platform for its electric trucks and buses will be used by Toyota Motor Corp unit Hino according to a partnership between the two companies. The Israeli company also has partnerships with American Axle, Canadian auto supplier Magna International, French autonomous shuttle maker Navya and EAVX, which is a recently formed unit of United States based commercial vehicle body maker JP Poindexter & Co.
A variety of different vehicles will be manufactured using REE's electric chassis system and each of those models will have their own branding.
"All these companies at some point are going to start using us as their platform," Barel said. "We're literally everywhere now, so that's far larger than just one order."
The global outlook for electric vans and trucks is upbeat because of reducing prices of batteries and with large companies being put under growing pressure to switch to zero-emission delivery vehicles.
But more traditional legacy auto companies are also preparing to roll out their own electric vans and therefore the challenge for start65ups is to quickly scale up their production capabilities so that they can bring their electric vans into the market.
One of the unique technological developments made by REE is the use of four separate wheels instead of the traditional axles that connect two types. Additionally, the vehicles also have their own steering, braking, suspension, powertrain and control. This consequently allows companies using this platform to build vehicles with flatter bottoms and therefore create more room for cargo.
The company has a customizable order book allowing customers to choose different weight classes, battery range, height and width.
(Source:www.investing.com)
While the company currently does not have a specific number of orders, the strength of the company is in the various partnerships that it has struck so far, said REE’s Chief Executive Daniel Barel. In recent times, announcement of having received large orders have been made by a number of electric van startups.
The company began trading under the "REE" symbol on Friday.
The Tel Aviv-based REE's platform for its electric trucks and buses will be used by Toyota Motor Corp unit Hino according to a partnership between the two companies. The Israeli company also has partnerships with American Axle, Canadian auto supplier Magna International, French autonomous shuttle maker Navya and EAVX, which is a recently formed unit of United States based commercial vehicle body maker JP Poindexter & Co.
A variety of different vehicles will be manufactured using REE's electric chassis system and each of those models will have their own branding.
"All these companies at some point are going to start using us as their platform," Barel said. "We're literally everywhere now, so that's far larger than just one order."
The global outlook for electric vans and trucks is upbeat because of reducing prices of batteries and with large companies being put under growing pressure to switch to zero-emission delivery vehicles.
But more traditional legacy auto companies are also preparing to roll out their own electric vans and therefore the challenge for start65ups is to quickly scale up their production capabilities so that they can bring their electric vans into the market.
One of the unique technological developments made by REE is the use of four separate wheels instead of the traditional axles that connect two types. Additionally, the vehicles also have their own steering, braking, suspension, powertrain and control. This consequently allows companies using this platform to build vehicles with flatter bottoms and therefore create more room for cargo.
The company has a customizable order book allowing customers to choose different weight classes, battery range, height and width.
(Source:www.investing.com)
