REE Automotive rises on $45 mln fund raise, Motherson tie-up

Samvardhana Motherson International

16/09/2024 14:40

** Shares of Israeli electric truck maker REE Automotive
 REE.O  rise 15.6% to $3.42 in morning trading
    ** Company raises more than $45 mln in funding round, which
includes Indian auto parts major Samvardhana Motherson  SAMD.NS 
    ** Transaction gives Motherson a 19% stake in REE, and a
board seat
    ** Existing investor M&G Investments gets 16% stake in REE
for a $20 mln investment
    ** REE also signs a supply-chain partnership with Motherson
    ** Motherson will manage sourcing and supply chain logistics
for all REE's vehicle parts, and support assembly of two
electric truck models
    ** Up to Friday's close, stock had fallen 42.3% this year

 (Reporting by Rishi Kant in Bengaluru)
 ((Rishi.Kant@thomsonreuters.com))