SANTA CLARA, Calif.
and TEL AVIV, Israel,
Dec. 14, 2021 /PRNewswire/
-- Hitachi America, Ltd. ("Hitachi") and REE Automotive
(NASDAQ: REE, "REE") announced today a newly formed strategic
agreement to ease and accelerate the adoption of electric vehicles
(EV) across the entire EV value chain, including enabling EV
manufacturing at scale, delivering commercial vehicle charging
infrastructure and energy management, and providing comprehensive
digital fleet management and operations for full visibility across
EV fleets as organizations transition over the next decade.
Hitachi and REE will accelerate the development of advanced
digital solutions for REE customers by co-creating a highly
scalable Data-as-a-Service (DaaS) and Analytics-as-a-Service (AaaS)
platform, which will enable next-generation connected commercial
EVs. Leveraging Hitachi's Lumada data platform and REE's platform
modularity and horizontal business strategy, the companies aim to
bring to market a truly modular, smart EV solution to serve all
segments, including delivery, logistics, and
mobility-as-a-service.
"We are excited to partner with REE to help accelerate the
transition to EVs globally," said Hicham
Abdessamad, Chairman and CEO, Hitachi America, Ltd. "Hitachi is deeply
committed to sustainability, and with our long history of
innovation in energy, mobility, manufacturing and digital, together
with REE's transformative, innovative approach to EV and autonomous
vehicles (AV), we are well positioned to accelerate and ease the
transition to zero-emission commercial vehicles at scale, a mission
that we both share."
Through this partnership, Hitachi and REE are committed to bring
data-driven, scalable, sustainable electric vehicle, commercial
mobility solutions to market that deliver value while helping to
achieve carbon emissions goals and which will enable a complete,
connected ecosystem of services for commercial mobility and
transportation.
"This alliance with Hitachi comes at an ideal time for REE as we
value their best-in-class innovation and experience in data science
and analytics, enabling us to provide a complete solution to our
customers," said REE Co-founder and CEO Daniel Barel. "With Hitachi's innovation and
invaluable expertise in EV and digital technologies, REE is primed
to build on our early leadership position as the leading e-Mobility
platform across the globe. In addition, Hitachi is a well-known and
respected player in the automotive, energy and digital industry
which can drive customer orders, and we are looking forward to
benefiting from their extensive sales network and
relationships."
About Hitachi America,
Ltd.
Hitachi America,
Ltd., headquartered in Santa Clara,
CA, is a subsidiary of Hitachi, Ltd. (TSE: 6501).
Hitachi America – the North American
regional headquarters of Hitachi, Ltd. – and the 101 Hitachi Group
companies in North America,
employs over 35,000 people as of March
2021. As a responsible corporate citizen, Hitachi Group is
focused on its Social Innovation Business, which
combines information technology (IT), operational technology
(OT) and products to deliver solutions that increase social,
environmental and economic value across six domains; IT, Energy,
Industry, Mobility, Smart Life and Automotive Systems. This is made
possible through Lumada – Hitachi's advanced digital solutions,
services, and technologies turn data into insights to drive digital
innovation.
Hitachi, Ltd. is a Principal Partner of COP26, playing a leading role in the efforts to
achieve a decarbonized society and become a climate change
innovator. Hitachi strives to achieve carbon neutrality at all its
business sites by fiscal 2030 and across the company's value chain
by fiscal 2050.
For information on other Hitachi Group companies in North America, please visit
http://www.hitachi.us (the United
States), http://www.hitachi.ca (Canada) and http://www.hitachi.com.mx/en
(Mexico).
About REE Automotive
REE (Nasdaq: REE) is an automotive technology leader whose mission
is to empower companies to build any size or shape of electric or
autonomous vehicle – from Class 1 through Class 6 – for any
application and any target market. REE aims to serve as the
underpinning on top of which EVs and AVs will be built and
envisions a future where EVs and AVs will be 'Powered by REE'.
REE's revolutionary technology – the REEcorner™ – packs critical
vehicle components (steering, braking, suspension, powertrain and
control) into a single compact module positioned between the
chassis and the wheel, enabling REE to build the industry's
flattest EV platforms with more room for passengers, cargo and
batteries. REE uses x-by-wire technology to control each of the
corners of the vehicles with full drive-by-wire, brake-by-wire and
steer-by-wire.
REE's EV platforms afford complete freedom of design, enabling
auto-manufacturers, OEMs, delivery & logistic fleets,
Mobility-as-a-Service providers and new mobility players to design
mission-specific EVs and AVs based on their exact business
requirements and significantly reduce their time-to-market, lower
TCO and meet zero-carbon regulations.
Headquartered in Herzliya, Israel, REE has an Engineering Center in the
UK, as well as subsidiaries worldwide including Japan and Germany, and plans to open its U.S.
headquarters and first Integration Center in Austin, Texas. REE's unique CapEx-light
manufacturing model leverages Tier-1 partners' existing production
lines; the company's extensive partner ecosystem encompasses
leading names including Hino Motors (truck arm of Toyota), Magna
International, JB Poindexter, Navya and American Axle &
Manufacturing to provide a full turnkey solution.
REE's patented technology, together with its unique value
proposition, position it to break new ground in e-Mobility. For
more information visit https://www.ree.auto.
Forward-Looking Statements
This
press release includes forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements are subject to
risks and uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein.
Factors that could cause actual results to differ materially
include, but are not limited to: our limited operations and need to
expand in the near future to fulfill product orders; risks
associated with obtaining orders and executing upon such orders;
the ability to protect our intellectual property; the potential
lack of market acceptance of our products; potential competition;
our inability to retain key members of our management team; our
inability to raise additional capital to fund our operations and
business plan; our inability to satisfy covenants in our financing
agreements; our inability to maintain our listing of our securities
on the Nasdaq Capital Market; our inability to satisfy our customer
warranty claims; our ability to continue as a going concern; our
liquidity and other risks and uncertainties and other factors
discussed from time to time in our filings with the Securities and
Exchange Commission ("SEC"), including our annual report on Form
10-K filed with the SEC. REE expressly disclaims any obligation to
publicly update any forward-looking statements contained herein,
whether as a result of new information, future events or otherwise,
except as required by law.
Hitachi Media Contact:
Roxana
Moolla
roxana.moolla@hal.hitachi.com
REE Media Contact:
Caroline
Hutcheson
carolineh@ree.auto
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SOURCE Hitachi