VILLEURBANNE, France, and
TEL AVIV, Israel, April 19, 2021 /PRNewswire/ -- Navya
(FR0013018041- Navya), a leading company in autonomous driving
systems and REE Automotive ("REE"), a leader in
e-Mobility which recently announced its merger with 10X
Capital Venture Acquisition Corp. (NASDAQ: VCVC), announce
that they have signed an agreement to collaborate in the
development of a level 4 autonomous system including REEcorner
technology and Navya self-driving solutions.
REE is revolutionizing the e-Mobility industry through its
highly modular and disruptive REEcorner technology which integrates
critical vehicle components (steering, braking, suspension,
powertrain and control) into the arch of the wheel. REE's
proprietary x-by-wire technology challenges century-old automotive
concepts by being agnostic to vehicle size and design, power-source
and driving mode (human or autonomous). Platforms utilizing
REEcorners can present significant functional and operational
advantages over conventional EV "skateboards" currently available
in the market.
Navya is a leading player in level 4 autonomous driving systems
for passenger and goods transport. Since 2015, Navya autonomous
mobility solutions have been first to market and first to on-road
service in real conditions. The Autonom® Shuttle, main development
platform, is dedicated to passenger transport. Since its launch,
more than 180 units have been sold in 23 countries, as of
31 December, 2020. The Autonom® Tract
is designed for goods transport.
The next generation of level 4 autonomous mobility
solutions:
Powered by REE, Driven by Navya, the
co-developed next generation level 4 autonomous system will be
designed as a high standard, state of the art autonomous mobility
solution with key competitive advantages considering quality, cost
and performance. Safety first principles will be implemented based
on very high Safety requirements with regards to ISO 26262:2018 and
ISO/PAS 21448:2019.
Daniel Barel, Co-Founder and
CEO of REE Automotive, comments: "The combination of our
mutual expertise should enable game-changing autonomous mobility
solutions that transport passengers and goods efficiently and
cost-effectively while fully complying with rigorous safety
standards. We are delighted to move forward on a
partnership with Navya. This collaboration of REE's corner
technology aligns perfectly with Navya's strategy of
providing constant improvement for its autonomous driving
solutions".
Etienne Hermite, CEO of
Navya, concludes: "We are very pleased to have
signed this agreement with REE Automotive, which is a major player
in automotive technology. This partnership is fully in line with
Navya's strategy of deploying level 4 autonomous driving systems
with safe drive components (steering, braking, suspension,
powertrain and control) into the arch of the wheels. This
partnership will enhance unlocks fantastic opportunities to create
multiple new level 4 autonomous form factors with the view to
address different use cases ".
About Navya
Created in 2014, Navya is a leading name specialized in the supply
of autonomous driving systems and associated services. With 280
employees in France (Paris and Lyon), in the United
States (Saline, Michigan)
and in Singapore, Navya aims to
become the leading player in level 4 autonomous driving systems for
passenger and goods transport. Since 2015, Navya autonomous
mobility solutions have been first to market and first to on-road
service. The Autonom® Shuttle, main development platform, is
dedicated to passenger transport. Since its launch, more than 180
units have been sold in 23 countries, as of 31 December, 2020. The Autonom® Tract is designed
for goods transport. The Valeo and Keolis groups are among Navya's
historical shareholders. Navya is listed on the Euronext regulated
market in Paris (ISIN code:
FR0013018041- Navya). For more information visit:
www.navya.tech/en
Contacts
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Navya
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Navya
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NewCap
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Marketing &
Communication
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Chief Strategy and
Development
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Investor
relations
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Manager
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Officer
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Thomas
Grojean
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Mélanie
Voron
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Pierre
Lahutte
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navya@newcap.eu
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melanie.voron@navya.tech
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pierre.lahutte@navya.tech
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+33 (0)1 44 71 98
55
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+33 (0)6 68 23 82
84
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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 – from
class 1 through class 6 – 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
Contact
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REE
Automotive
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Chief Marketing
Officer
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Public
Relations
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Investor
Relations
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Keren
Shemesh
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media@ree.auto
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investors@ree.auto
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Kerens@ree.auto
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+972-54-5814333
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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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SOURCE REE Automotive