Magna, REE Automotive join forces for developing modular e-vehicles

Magna International Inc. has announced that it has partnered with Israeli startup REE Automotive to develop a modular electric vehicle, helping the Canadian auto supplier and contract manufacturer muscle further into a developing field of EV players.

The companies decided to mutually design, engineer, and build the EVs using REE's platform, the skateboard-like base that supports different vehicle designs on top. The EVs can be built to the exact specifications of "global technology companies and e-mobility players" while speeding their entry into the market, Magna and REE said in a declaration.

"Many big tech companies are very much interested in creating mobility services and solutions that are global, big. But they don't exist today," REE Chief Executive Officer Daniel Barel said. "That vehicle can have any brand that the brand owner wants, but it's powered by REE."

The location and timeline for production, as well as financial terms, weren't disclosed. Barel said the companies would split any future revenues generated. The startup has signed agreements demonstrating orders for around 260,000 vehicles that would use REE's platform, Barel said