REE U.S. HQ to capitalize on growing market demand for EVs in North America
REE Automotive Ltd. [NASDAQ: “REE”], a leader in e-Mobility, today announced that it will open its U.S. headquarters in Austin, Texas to address the growing U.S. market demand for mission-specific EVs from delivery and logistics companies, Mobility-as-a-Service and new technology players. In addition, Austin will be the location of REE’s first asset-light Integration Center for the assembly and testing of its disruptive REEcorner™ technology and ultra-modular EV platforms. The new Integration Center will offer REE’s technology to its existing and future automotive partners in North America, enabling them to build modular EVs “Powered by REE”. The company is exploring several collaborations with a number of Koch Industries, Inc. companies, to support and accelerate the establishment of REE’s integration center in Austin. Koch Strategic Platforms, LLC, a subsidiary of Koch Industries, is an investor in REE as well. The REE Austin facility is expected to create approximately 150 jobs in upcoming years.
“Establishing our U.S. headquarters in Austin, Texas best positions us for growth and rapid expansion,” said Daniel Barel, REE’s Co-Founder and CEO. “Austin is fast becoming a worldwide home for elite technology professionals. REE needs to continue growing and thriving, and Austin’s dynamism and entrepreneurial spirit definitely fit it’s culture and values. Our U.S. presence will allow us to capitalize on the incredible opportunities in the U.S. market and put us closer to our North American-based customers and partners, including Magna International and JB Poindexter, as we work together to develop and deliver modular EVs (MEVs™).”
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REEcorner™ technology integrates critical vehicle components, including steering, braking, suspension, powertrain and control, into a single compact module between the chassis and the wheel, using x-by-wire technology for steering, driving and braking. This innovation has enabled REE to develop a modular, fully-flat skateboard chassis with more room for passengers, cargo and batteries that will be highly adaptable to customers. EV platforms using REEcorners™ are agnostic to vehicle size and design, power-source and driving mode, enabling REE to target a $700 billion total addressable market, and help OEMs, delivery fleets, Mobility-as-a-Service providers and new mobility players get to market faster at a fraction of the cost.
REE intends to tap into a global network of Tier 1 partners’ manufacturing capacity, with full point-of-sale component assembly and testing set to take place in its’s Integration Centers. It expects this manufacturing process to significantly reduce capital expenditures and increase REE’s global presence and market share. The company’s CapEx-light manufacturing approach and Integration Centers are designed to enable the company to remain a comparatively asset-light enterprise, helping to increase operating margins and ROI and reduce the carbon footprint of its operations.
Michael Charlton, REE’s COO, commented, “REE’s Integration Centers will be designed to be fully modular and scalable to ensure the Company achieves projected production volumes. The state-of-the-art centers will utilize automation, including Automated Guided Vehicles (AGVs), for the optimal movement of assemblies, with the goal of increasing automation levels to Industry 4.0 Technology and beyond.”