Connect with us

Hi, what are you looking for?

Jewish Business News

Business

REE Automotive Partners with Motherson Group: Global Manufacturing Deal and $45.35M Strategic Investment

REE, partnering with Motherson, aims to accelerate the production of its software-driven medium-duty electric trucks to meet soaring demand.

REE Automotive

REE’s Daniel Barel Co-founder and CEO (company PR pic)

REE Automotive is an Israeli company that develops new tech for electric vehicles. REE priced a $35 million registered direct offering, led by M&G Investment, REE’s largest shareholder, who invested $20 million; Motherson, who invested $15 million in the round; and Varana Capital, one of REE’s earliest investors; who invested $5.25 million.

Motherson will oversee supply chain management, leveraging manufacturing capabilities for components, module integration, REEcorners, and platform assembly to support full vehicle production, including U.S. assembly of P7 electric trucks.

REE, partnering with Motherson, aims to accelerate the production of its software-driven medium-duty electric trucks to meet soaring demand. Leveraging Motherson’s global footprint, manufacturing expertise, and industry connections, REE seeks to expedite the transition to electric fleets.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

REE is poised to capture a significant share of the growing electric truck market. The company estimates that over 240,000 medium-duty trucks in the U.S. alone will transition to electric, with global demand expected to double that figure.

By collaborating with Motherson, REE can concentrate on expanding its customer base, securing more orders, improving financial performance, and strengthening its intellectual property position.

REE Automotive Ltd is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. REE is a fully horizontal company, with technology adaptable to the broadest possible variety of target industries and applications. REE’s fully scalable and modular architecture enables vehicle design freedom, space and volume with the shortest footprint, the cheaper total cost of ownership, faster development periods, ADAS compatibility, reduced maintenance, and compliance with worldwide safety standards.

REE Co-founder and CEO, Daniel Barel said, “We are very excited to enter into this agreement with Motherson, as I believe this agreement will enable us to leapfrog over many of the challenges others face when ramping up production. Motherson’s global footprint and manufacturing prowess combines perfectly with REE’s technology and innovation mindset. This combination will benefit our customers and investors alike, by pushing forward the transition towards electrification and carbon neutrality. We are proud to join forces with Motherson and looking forward to learning from their incredible story and amazing culture.”

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.