TEL AVIV, Israel, April 27, 2021 /PRNewswire/ --
- To realize and bring to market their shared vision of
"providing new value to society through next-generation commercial
mobility"
- The Alliance to combine Hino's knowledge and technologies as a
commercial vehicle manufacturer closely attuned to customer needs
with REE's innovative and highly competitive proprietary REEcorner™
EV technologies
- Assess business models for the co-creation of next generation
electric mobility solutions to enhance new social value, promoting
the use of mobility-driven data
- Companies aim to develop hardware prototypes by 2022
Hino Motors Co., Ltd. (Hino), a subsidiary of Toyota Motor
Corporation, and REE Automotive Ltd. (REE), an innovator in
e-mobility, today announced the signing of a strategic business
alliance agreement to realize their shared vision of "providing new
value to society through next-generation commercial mobility."
With the backdrop of advancements in CASE - Connected,
Autonomous, Shared and Electric vehicles, the automotive industry
is entering a major transformation phase. Hino and REE envision
beyond this transformation a future in which commercial vehicles
that support the movement of people and goods will evolve into
mobility that provides new value and opportunities for society.
Hino and REE next-generation electric commercial mobility solutions
are geared to improve quality of life on a global scale by lowering
carbon emissions, minimizing strain on infrastructure, reducing
congestion and allowing companies to better allocate resources. The
two companies will combine their advantages to realize this vision
– Hino's knowledge and technologies as a commercial vehicle
manufacturer closely attuned to customer needs with REE's
innovative and highly competitive proprietary
REEcornerTM EV technologies – and take on initiatives to
create new value through next-generation commercial mobility
solutions.
The next-generation commercial mobility solution to be jointly
developed by Hino and REE will be comprised of a modular platform
(Powered by REE) that will carry a customized Mobility Service
Module on top. The Mobility Service Module - which will carry
passengers, goods and deliver services – would address a wide
variety of current and future applications aligned with customer
requirements, aimed to provide new value to society, and will be
enhanced with data-driven services. In addition, the Mobility
Service Module can be easily detached from the EV platform and once
detached it can serve as an independent, stand-alone unit - making
services and goods easily accessible to society, leaving the
platform to be operated separately and continue on its next
mission. This will not only be applied toward Mobility-as-a-Service
(MaaS) and delivery segments but this modular design could also
offer solutions for completely new applications. Leveraging the
REEcornerTM modules, the flat chassis and the detachable
Mobility Service Module will meet the diverse needs of consumers
while contributing to more efficient utilization of customers'
business resources. The specialized EV chassis to be jointly
developed by Hino and REE will leverage proprietary REEcorner
TM technology, which packs critical vehicle components
into a single system positioned between the wheel and the
chassis.
The solution will boast a low-floor, full-flat design that
flexibly meets customer needs and also supports autonomous driving.
The modular platform provides expandability, and the Mobility
Service Module is designed with customer co-creation in mind.
The companies will first work to develop hardware prototypes by
FY 2022, while evaluating business models, engaging potential
customers, and conducting demonstrations in parallel.
"The starting point of this collaboration is the FlatFormer
concept we showcased at the 2019 Tokyo Motor Show," said Hino CEO
Yoshio Shimo. "It received an
excellent response, and I am delighted to see this FlatFormer
concept come closer to reality. REE is a visionary company, and I
am confident that this business alliance will become a driving
force for Hino as we take on the challenge of generating new value
in commercial mobility to harmonize with future society."
"The FlatFormer unveiling at the 2019 Tokyo Motor Show proved to
be a turning point in future electric mobility and set the stage
for this exciting alliance with the visionary team at Hino. We see
this alliance as a unique opportunity to fulfill our shared mission
of improving quality of life for people around the world by
developing and bringing to market revolutionary next generation
EVs," said Daniel Barel, Co-Founder
and CEO of REE.
Going forward, both companies will further evaluate
opportunities of working with like-minded partners with the goal of
creating new value for society.
About Hino Motors
Hino Motors, Ltd. is a Toyota Group company selling trucks and
buses in more than 80 countries in 2020. Number of employees totals
35,000 globally, and produces vehicles in over 20 countries
including the 4 major plants in Japan. Hino slogan is "Trucks and buses
that do more". To put "Trucks and buses that do
more" into practice, Hino will provide "appropriate
products with safety and environment
technologies", "ultimately customized total support for
customers", and "challenge new fields".
Contact
Makoto Iijima
Manager Corporate Communications Group
Public Affairs Division
ma.iijima@hino.co.jp
hm.pr@hino.co.jp
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
Additional Information
This communication is being made in respect of the proposed
transaction involving REE Automotive Ltd. ("REE") and 10X Capital
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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
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This communication includes forward-looking statements. These
forward-looking statements are based on REE's and 10X SPAC's
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and uncertainties that may cause actual results to differ
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results to differ from the forward-looking statements in this
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termination of the business combination; the ability to bring to
market next-generation commercial mobility solutions in
accordance with the Business Alliance 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
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closing; changes to the proposed structure of the business
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ability to recognize the anticipated benefits of the business
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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
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to attract, train and retain highly-skilled technical workforce;
the impact of the ongoing COVID-19 pandemic; changes in laws and
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fact that we are incorporated in Israel and governed by Israeli law; and other
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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.
SOURCE REE Automotive