Magna to Establish Modular EV With Israeli Startup REE

Magna International Inc. will develop a modular electric powered motor vehicle with Israeli startup REE Automotive, assisting the Canadian car supplier and contract maker muscle mass more into a rising area of EV players.

The businesses agreed to jointly design, engineer and establish the EVs using REE’s system, the skateboard-like base that supports unique vehicle styles on major. The vehicles can be designed to the actual requirements of “global technologies organizations and e-mobility players” when speeding their entry into the sector, Magna and REE claimed in a assertion.

“Many big tech providers are very much intrigued in developing mobility products and services and options that are worldwide, major. But they really do not exist these days,” REE Chief Government Officer Daniel Barel claimed in an job interview Sunday. “That car or truck can have any model that the manufacturer owner needs, but it is driven by REE.”

The place and timeline for generation, as perfectly as economical phrases, weren’t disclosed. Barel claimed the providers would split any revenues generated. The startup has signed agreements representing orders for about 260,000 vehicles that would use REE’s platform, Barel explained.

Magna, which has been touted as a possible husband or wife for a self-driving automobile from Apple Inc., has previously created cars beneath contract for BMW AG and Jaguar Land Rover. Previous yr it shaped a joint venture with Korea’s LG Electronics Inc. to make EV powertrains, aiming to place alone for the boom in electric autos. Magna is the world’s third-biggest automobile provider, creating anything from chassis and automobile seats to sensors and application.

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