Development of commercial electric vehicles
will integrate REEcorner technology and JB Poindexter commercial
vehicle bodies for anticipated production in the U.S.
- REE selects JB Poindexter & Co, a business enterprise that
provides best-in-class commercial automotive and manufacturing
goods and services, including Morgan Corporation, Morgan Olson,
Reading, Masterack, Truck Accessories Group, and Specialty Vehicle
Group, to develop commercial EVs ‘Powered by REE’ with eventual
full scale U.S. production supported by the JB Poindexter & Co
portfolio of businesses.
- The companies will initially collaborate on the development of
a next-generation modular walk-in van for the North American last
mile delivery market, in which JB Poindexter & Co has a leading
position of the 35,000/year market, with further collaboration to
target additional North American commercial work truck customers
and markets.
- The companies will first work to develop prototypes for a joint
project by Q1, 2022 with production targeted for 2024.
- REE plans to commission a US Integration center in Q4 2021 for
the integration of REEcorners™.
REE Automotive (REE), a leader in e-Mobility, which is in the
process of closing its merger with 10X Capital Venture Acquisition
Corp. (NASDAQ: VCVC), today announced a strategic collaboration
with EAVX, a wholly owned business unit of JB Poindexter & Co
(JBPCO). The JB Poindexter business enterprise includes commercial
work truck bodies and accessory industry leaders Morgan Olson,
Morgan Corporation, Reading, Truck Accessories Group, and
Masterack. REE and EAVX will collaborate to develop best-in-class,
zero-emission, commercial EV work trucks for existing and new
customers that will integrate the REEcorners™ and JBPCO commercial
vehicle body solutions. REE and EAVX will also collaborate to grow
their joint customer base and bring EVs to North America markets
that will be ‘Powered by REE.’
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the full release here:
https://www.businesswire.com/news/home/20210713005938/en/
REE Automotive announces strategic
collaboration with JB Poindexter & Co Business Unit, EAVX, to
develop commercial electric vehicles. Full-scale production of
commercial electric vehicles will integrate REEcorner technology
and JB Poindexter commercial vehicle bodies produced in the U.S.
(Photo: Business Wire)
REEcorner technology packs critical vehicle components such as
the motor, steering, braking, suspension, powertrain, and control
into a single compact module positioned between the wheel and the
chassis. This enables a fully-flat EV platform, enabling the lowest
step-in height, and maximum payload capacity for transporting cargo
and passengers with more room for batteries for extended range.
“The JB Poindexter & Co is the leader in commercial work
truck bodies and accessories. They are the ideal partner to help
propel EV adoption in the commercial market segment,” said Daniel
Barel, REE Co-Founder and CEO. “This collaboration is an important
step forward for REE’s business growth - and for improving
livability and quality of life by eliminating carbon emissions. REE
is dedicated to partnering with manufacturers that will push
boundaries, and this collaboration helps put us on the fast track
to fulfilling our vision of serving as the cornerstone of next-gen
EVs ‘Powered by REE.’
“JB Poindexter & Co understands the EV revolution is here.
As more companies across all sectors make the transition to
electric mobility, the need for customizable commercial EVs grows
and we want partners to know we are ready as a collaborator. The
REEcorner technology provides unique opportunities to optimize the
commercial fleet experience.” said John Poindexter, CEO and
Chairman.
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 its unique value proposition
and commitment to excellence, positions REE to break new ground in
e-Mobility. For more information visit https://ree.auto/.
ABOUT EAVX EAVX, the newest business unit of JB
Poindexter & Co, collaborates with the most advanced electric
and alternative power chassis producers, allowing chassis partners
to focus on their revolutionary and proprietary technologies. EAVX
and the individual business units of JBPCO are the integration
bodybuilders of choice for chassis producers serving present and
future EV and alternative fuel markets and advanced vehicle
technology markets. Visit jbpoindexter.com/eavx for more
information.
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 has been
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 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 25, 2020 relating to its
initial public offering and in subsequent filings with the SEC, and
in the final prospectus/proxy statement filed on July 1, 2021
contained in the registration statement on Form F-4 relating to the
business combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210713005938/en/
Media Keren Shemesh Chief Marketing Officer | REE
Automotive +972-54-5814333 media@ree.auto Investor Relations
Limor Gruber VP Investor Relations | REE Automotive +972-50-5239233
investors@ree.auto
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