REE Automotive plans 2023 production of delivery van, people mover
22/07/2021 22:00
By Nick Carey
LONDON, July 22 (Reuters) - REE Automotive, which received
shareholder approval for a reverse merger with special
acquisition company 10X Capital Venture Acquisition Corp
VCVC.O on Thursday, plans to launch production of an electric
delivery van and a people mover in 2023, the company's top
executive said.
Chief Executive Daniel Barel said the company does not have
a specific number of orders - a number of electric van startups
have announced large orders - but said REE's strength lies in
its partnerships.
The company is scheduled to begin trading under the "REE"
symbol on Friday.
Toyota Motor Corp 7203.T unit Hino will use Tel Aviv-based
REE's platform for its electric trucks and buses, and REE has
also formed partnerships with American Axle AXL.N , Canadian
auto supplier Magna International MG.TO , French autonomous
shuttle maker Navya NAVYA.PA and EAVX, a newly-formed unit of
U.S. commercial vehicle body maker JP Poindexter & Co.
REE's electric chassis will be used for a variety of
different vehicles that 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."
As battery prices come down and large companies face
pressure to switch to zero-emission delivery vehicles, the
outlook for electric vans and trucks is good. urn:newsml:reuters.com:*:nL2N2KZ2XY
But as traditional manufacturers are gearing up to launch
their own electric vans, the race is on for startups to bring
scale up and bring their products to market. urn:newsml:reuters.com:*:nL1N2N02RM
Instead of traditional axles, REE's electric vehicle
platform runs using four separate wheels - with their own
steering, braking, suspension, powertrain and control - that
allow its vehicles to have flatter bottoms, providing more room
for cargo.
The company has a customizable order book allowing customers
to choose different weight classes, battery range, height and
width.
(Reporting By Nick Carey in London
Editing by Nick Zieminski)
((nick.carey@thomsonreuters.com; +44 7385 414 954;))