TEL AVIV, Israel, April 12, 2021 /PRNewswire/ -- REE
Automotive Ltd (REE), an electric mobility (e-mobility) innovator
which recently announced its merger with 10X Capital Venture
Acquisition Corp. (NASDAQ: VCVC) today 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 groundbreaking REEcornerTM 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.
Daniel Barel, REE Co-Founder and
CEO, commented, "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 (EVs). 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."
"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 &
Marketing Officer of Magna. "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 (LCV) sector that leverages REE's proprietary X-by-Wire
REEcornerTM 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. This results in the
only fully-flat "skateboard" EV platform offering unprecedented
space and interior room for passengers, cargo, and batteries.
MEVs utilizing REEcornerTM will have full flexibility
to custom-tailor EVs based on a selection of the following:
- EV platform size
- Preferred length, width and vehicle height
- Payload capacities
- Drive and steering based on REE's X-by-Wire technology
(all-wheel, front and rear)
- Battery capacity
- Power source (battery or fuel cell), and more.
REE's technologies are designed to support the creation of MEVs
with maximum payload capacity for transporting passengers and cargo
as well as achieving the lowest Total Cost of Ownership (TCO). MEVs
are designed with a lower center of gravity than vehicles with the
motor located between the wheels, and allow for taller cabins and
lower step-in height, yielding more cargo capacity than
conventional EV platforms. For example, in a delivery van
application, this means MEVs 'Powered by REE' could deliver more
packages per kWh, further improving operational benefits for
customers like tech companies and new e-mobility players.
About REE Automotive
REE is an automotive technology leader creating the cornerstone for
tomorrow's zero-emission vehicles. REE's mission is to empower
global mobility companies to build any size or shape of electric or
autonomous vehicle for any application and any target market. Our
revolutionary, award-winning REEcorner™ technology packs
traditional vehicle drive components (steering, braking,
suspension, powertrain and control) into the arch of the wheel,
allowing for the industry's flattest EV platform. Unrestricted by
legacy thinking, REE is a truly horizontal player, with technology
applicable to the widest range of target markets and applications.
Fully scalable and completely modular, REE offers multiple customer
benefits including complete vehicle design freedom, more space and
volume with the smallest footprint, lower TCO, faster development
times, ADAS compatibility, reduced maintenance and global safety
standard compliance.
Headquartered in Tel Aviv,
Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light
manufacturing model that leverages its Tier 1 partners' existing
production lines. REE's technology, together with their unique
value proposition and commitment to excellence, positions REE to
break new ground in e-Mobility. For more information visit
https://www.ree.auto.
Media Contact
Keren Shemesh
Chief Marketing Officer
REE Automotive
E: kerens@ree.auto
M: +972-54-5814333
Public Relations
media@ree.auto
Investor Relations
investors@ree.auto
About 10X Capital
10X Capital is a venture capital and investment firm at the
nexus of Wall Street with Silicon Valley, aligning institutional
capital with high growth ventures. Founded in 2004 by serial
entrepreneur Hans Thomas, 10X
Capital invests across the capital structure, with a focus on
companies using technology to disrupt major industries, including
finance, healthcare, transportation and real estate. For more
information visit www.10xcapital.com.
10X Capital Venture Acquisition Corp (Nasdaq: VCVC), is 10X
Capital's Special Purpose Acquisition Company, focused on high
growth technology companies, and was formed for the purpose of
entering into a business combination with one or more businesses.
For more information visit www.10xspac.com.
For investors please contact:
ir@10xcapital.com
For media inquiries please contact:
pr@10xcapital.com
Additional Information
This communication is being made in respect of the proposed
transaction involving REE Automotive Ltd. ("REE") and 10X
Capital Venture Acquisition Corp ("10X SPAC"). This
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. In connection with the
proposed transaction, REE has filed with the Securities and
Exchange Commission ("SEC") a registration statement on
Form F-4 that includes a proxy statement of 10X SPAC in
connection with 10X SPAC's solicitation of proxies for the vote by
10X SPAC's shareholders with respect to the proposed transaction
and other matters as may be described in the registration
statement. REE and 10X SPAC also plan to file other documents with
the SEC regarding the proposed transaction and a proxy
statement/prospectus will be mailed to holders of shares of 10X
SPAC's Class A ordinary shares. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE
FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE
PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy
statement/prospectus, as well as other filings containing
information about REE and 10X SPAC will be available without charge
at the SEC's Internet site (http://www.sec.gov). Copies of the
proxy statement/prospectus can also be obtained, when available,
without charge, from REE's website at https://ree.auto/.
Copies of the proxy statement/prospectus can be obtained, when
available, without charge, from 10X SPAC's
website https://www.10xspac.com/.
Participants in the Solicitations
REE, 10X SPAC and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitation of proxies from 10X SPAC's shareholders in connection
with the proposed transaction. You can find more information about
10X SPAC's directors and executive officers in 10X SPAC's final
prospectus dated November 24, 2020
and filed with the SEC on November 25,
2020. Additional information regarding the participants in
the proxy solicitation and a description of their direct and
indirect interests will be included in the proxy
statement/prospectus when it becomes available. Shareholders,
potential investors and other interested persons should read the
proxy statement/prospectus carefully when it becomes available
before making any voting or investment decisions. You may obtain
free copies of these documents from the sources indicated
above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act, or an exemption
therefrom.
Caution About Forward-Looking Statements
This
communication includes forward-looking statements. These
forward-looking statements are based on REE's and 10X SPAC's
expectations and beliefs concerning future events and involve risks
and uncertainties that may cause actual results to differ
materially from current expectations. These factors are difficult
to predict accurately and may be beyond REE's and 10X SPAC's
control. Forward-looking statements in this communication or
elsewhere speak only as of the date made. New uncertainties and
risks arise from time to time, and it is impossible for REE or 10X
SPAC to predict these events or how they may affect REE or 10X
SPAC. Except as required by law, neither REE nor 10X SPAC has any
duty to, and does not intend to, update or revise the
forward-looking statements in this communication or elsewhere after
the date this communication is issued. In light of these risks and
uncertainties, investors should keep in mind that results, events
or developments discussed in any forward-looking statement made in
this communication may not occur. Uncertainties and risk factors
that could affect REE's and 10X SPAC's future performance and cause
results to differ from the forward-looking statements in this
release include, but are not limited to: the occurrence of any
event, change or other circumstances that could give rise to the
termination of the business combination; the ability to bring to
market MEVs in accordance with the Strategic Collaboration
Agreement and realize the other goals and targets described in this
press release; the outcome of any legal proceedings that may be
instituted against REE or 10X SPAC, the combined company or others
following the announcement of the business combination; the
inability to complete the business combination due to the failure
to obtain approval of the shareholders of 10X SPAC or to satisfy
other conditions to closing; changes to the proposed structure of
the business combination that may be required or appropriate as a
result of applicable laws or regulations; the ability to meet stock
exchange listing standards following the consummation of the
business combination; the risk that the business combination
disrupts current plans and operations of 10X SPAC or REE as a
result of the announcement and consummation of the business
combination; the ability to recognize the anticipated benefits of
the business combination, which may be affected by, among other
things, competition, the ability of the combined company to grow
and manage growth profitably, maintain relationships with customers
and retain its management and key employees; costs related to the
business combination; changes in applicable laws or regulations;
REE's estimates of expenses and profitability and underlying
assumptions with respect to shareholder redemptions and purchase
price and other adjustments; intense competition in the e-mobility
space, including with competitors who have significantly more
resources; ability to grow and scale REE's manufacturing capacity
through new relationships with Tier 1 suppliers; ability to
maintain relationships with current Tier 1 suppliers and strategic
partners; ability to make continued investments in REE's platform;
the need to attract, train and retain highly-skilled technical
workforce; the impact of the ongoing COVID-19 pandemic; changes in
laws and regulations that impact REE; ability to enforce, protect
and maintain intellectual property rights; and risks related to the
fact that we are incorporated in Israel and governed by Israeli law; and other
risks and uncertainties set forth in the section entitled "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements"
in 10X SPAC's final prospectus dated November 24, 2020 relating to its initial public
offering and in subsequent filings with the SEC, and in the
registration statement on Form F-4 relating to the business
combination filed by REE on March 10,
2021.
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LinkedIn: https://www.linkedin.com/company/reeautoofficial/
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SOURCE REE Automotive