News & Events
February 3, 2021
REE AUTOMOTIVE TO LIST ON NASDAQ THROUGH MERGER WITH 10X CAPITAL VENTURE ACQUISITION CORP
- REE Automotive (“REE”), a leader in e-Mobility, has entered into a merger agreement with 10X Capital Venture Acquisition Corp (NASDAQ: VCVC) (“10X SPAC”); the newly combined company will be listed on the NASDAQ under the new ticker symbol “REE”
- REE’s fully-flat and modular EV platforms are based on proprietary REEcorner technology, positioned to become the cornerstone of next-generation e-Mobility.
- REE is producing highly modular, mission-specific EV platforms with a low total cost of ownership (“TCO”) with fully autonomous-ready independent drive-by-wire, brake-by-wire and steer-by-wire technology for each wheel.
- The transaction is expected to provide more than $500 million of gross proceeds to the Company. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized.
- Pro forma equity value of the merger is approximately $3.6 billion and pro forma enterprise value of $3.1 billion, at the $10.00 per share PIPE price and assuming minimal 10X SPAC shareholder redemptions.
- REE is a unique, horizontally integrated e-Mobility player targeting a $700 billion total addressable market, encompassing EVs ranging in size from Class 1 through Class 6, for commercial and Mobility-as-a-Service (“MaaS”) applications.
- REE has an orderbook comprised of signed indications of interest for over 250,000 platforms, representing 27% of their total cumulative expected revenue of $19.1 billion by 2026.
- REE developed a global CapEx-light manufacturing model, leveraging low-cost integration centers to reduce the total cost and capital expenditure of manufacturing.
- The transaction will accelerate mass production of REEcorner technology and modular EV platforms, expected to begin in 2023.
In the Media
May 3, 2021
REE Co-Founder & CEO Daniel Barel joins Yahoo Finance Live to discuss the future of electric vehicles and the company's new partnership with Toyota affiliate Hino Motors.
April 27, 2021
Hino Motors, the Toyota subsidiary that makes commercial vehicles and diesel engines, is forming a strategic alliance with Israeli-based REE Automotive, a manufacturer of modular platforms to support autonomous vehicles.
April 27, 2021
Hino Motors, a subsidiary of Toyota Motor, is teaming up with an Israeli electric vehicle start-up to develop electric trucks, buses and commercial vehicles.
April 13, 2021
REE Automotive co-founder and CEO Daniel Barel discusses how the company plans to help Canadian auto supplier Magna International muscle further into a growing field of EV players. He speaks with Bloomberg's Ed Ludlow and Taylor Riggs on "Bloomberg Markets: The Close." (Source: Bloomberg)
March 16, 2021
Israeli EV startup REE Automotive, just unveiled its new approach to drive components and platforms. Named REEcorners, these proprietary systems fuse all of the vital parts of an EV together between the chassis and wheel. Combined with its modular EV platforms, REE Automotive sees its technology as a cornerstone for the future of electrified mobility.