REE Automotive Ltd. (NASDAQ: REE), an automotive technology company
and provider of electric vehicle (EV) platforms, announced today
progress towards commercial production, having proven its robotic
assembly capabilities, the core of its CapEx-light and
highly-automated integration center manufacturing approach. REE’s
plans to implement the cloud-based robotic assembly lines at its
network of highly-digitalized global manufacturing plants with
first in its European Integration Center in Coventry, UK.
REE’s Coventry Integration Center will serve
customer demand in Europe with an initial focus on the P7 electric
platform for commercial vehicles such as walk-in delivery vans,
buses, and recreational vehicles. The Coventry site will also
operate as the blueprint for all future REE Integration Centers,
with expected capacity of 10,000 vehicle sets (40,000 REEcorners™)
this year. The North American Integration Center in Austin, Texas,
is expected to double global capacity to 20,000 vehicle sets in
2023 by replicating the highly automated cloud-based architecture
of its European sibling.
The company is partnering with industry leaders
including Rockwell Automation and Expert Technologies for robotics
and automated assembly, with the first assembly line expected to
become operational in the second half of 2022. The company expects
to host customer and media visits later this year.
REE is implementing line-side controls from
Rockwell Automation and is creating further efficiencies and
savings through the adoption of the Plex Manufacturing Execution
System (MES). The Plex cloud-based solution’s ability to deliver
full visibility into production operations enables scalable
manufacturing locally and across global Integration Centers.
“This is an important milestone on our path to
commercial production next year. The automated and connected
capabilities at our Coventry site are a great foundation for our
global operations, as they will enable us to continuously fine-tune
our assembly procedures and rapidly deploy them to other sites,”
said Josh Tech, REE’s Chief Operating Officer. “Our cloud-based
robotic manufacturing system will be the digital backbone for our
assembly lines and give us the local capability to manage our
customer-specific manufacturing operations, while also allowing us
to quickly share and scale best practices internationally across
all plants.”
The Integration Center is approximately 130,000
square feet, includes industry 4.0 technologies and will be
partially powered by solar energy.
“We have a world-class team of highly skilled
designers and engineers who are leading the design, development and
production of our innovative current and future technologies,” said
Peter Dow, REE Vice President of Engineering. “Our team is doing
tremendous work toward commercialization of our REEcorner™
technology with P7 corner and platform builds. This establishment
of the Coventry Integration Center marks a pivotal moment in the
commercialization of REE’s innovative REEcorner™ technology and EV
platforms, with prototype on-track testing of its P7 platform
having commenced this year.”
Contacts
Investor
Relations
Limor GruberVP Investor Relations | REE
Automotive+972-50-5239233investors@ree.auto
Media
Caroline HutchesonHead of Global Communications | REE
Automotive+1-252-314-2028media@ree.auto
About REE
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 electric vehicles (“EVs”)
and autonomous vehicles (“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 fully-flat
EV platforms with more room for passengers, cargo and batteries.
REE plans to use its proprietary X-By-Wire control technology to
control each REEcorner™ of the vehicles with full drive-by-wire,
brake-by-wire and steer-by-wire capabilities.
REE’s EV platforms are designed to provide
customers with 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
total cost of ownership and comply with zero-carbon
regulations.
Headquartered in Glil Yam, Israel, REE has an
Engineering Center in the UK, as well as subsidiaries in 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.
Caution About Forward-Looking Statements
This communication includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements regarding
REE or its management team’s expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
“aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “foresee,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“seek,” “should,” “would” and similar expressions (or the negative
version of such words or expressions) may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. All statements, other than
statements of historical facts, may be forward-looking statements.
Forward-looking statements in this communication may include, among
other things, statements about REE’s strategic and business plans,
technology, relationships, objectives and expectations for our
business, the impact of trends on and interest in our business,
intellectual property or product and its future results, operations
and financial performance and condition
These forward-looking statements are based on
information available as of the date of this communication and
current expectations, forecasts, and assumptions. Although REE
believes that the expectations reflected in forward-looking
statements are reasonable, such statements involve unknown number
of risks, uncertainties, judgments, and other factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by forward-looking statements.
These factors are difficult to predict accurately and may be beyond
REE’s control. Forward-looking statements in this communication
speak only as of the date made and REE undertakes no obligation to
update its forward-looking statements, whether as a result of new
information, future developments or otherwise, should circumstances
change, except as otherwise required by securities and other
applicable laws. 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 future performance and could cause actual results to differ
include, but are not limited to: REE’s ability to commercialize its
strategic plan; REE’s ability to maintain and advance relationships
with current Tier 1 suppliers and strategic partners; development
of REE’s advanced prototypes into marketable products; REE’s
ability to grow and scale manufacturing capacity through
relationships with Tier 1 suppliers; REE’s estimates of unit sales,
expenses and profitability and underlying assumptions; REE’s
reliance on its UK Engineering Center of Excellence for the design,
validation, verification, testing and homologation of its products;
REE’s limited operating history; risks associated with plans for
REE’s initial commercial production; REE’s dependence on potential
suppliers, some of which will be single or limited source;
development of the market for commercial EVs; intense competition
in the e-mobility space, including with competitors who have
significantly more resources; risks related to the fact that REE is
incorporated in Israel and governed by Israeli law; REE’s ability
to make continued investments in its platform; the impact of the
ongoing COVID-19 pandemic and any other worldwide health epidemics
or outbreaks that may arise; and adverse global conditions,
including macroeconomic and geopolitical uncertainty; the need to
attract, train and retain highly-skilled technical workforce;
changes in laws and regulations that impact REE; REE’s ability to
enforce, protect and maintain intellectual property rights; REE’s
ability to retain engineers and other highly qualified employees to
further its goals; and other risks and uncertainties set forth in
the sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s annual report filed with the
U.S. Securities and Exchange Commission (the “SEC”) on March 28,
2022 and in subsequent filings with the SEC.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ce34671-f7e1-45de-94d8-18a34740a988
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