TEL AVIV, Israel, March 16, 2021 /PRNewswire/ -- REE
Automotive (REE), an innovator in e-mobility, which recently
announced its merger with 10X Capital Venture Acquisition Corp.
(NASDAQ: VCVC), today revealed 5 new and improved REEcorner™
architecture designs and the technology behind its EV platforms
designed to support the broadest range of commercial electric
vehicles.
- Watch the video: https://youtu.be/WH9xaI4RdRs
The REEcorners™ revealed today show the breadth and depth of
versatility that can be afforded to customers when it comes to
designing vehicles based on their requirements. REE intends to
provide a comprehensive range of technical configurations to
fulfill specific B2B customer needs, including EV platform size
selection based on preferred length, width and vehicle height;
front, rear or all-wheel-drive with peak motor power ranges of 35
to 200 kW; front and all-wheel steer; advanced suspension
capabilities; payload capacities of up to 5,000 kg and more.
REE's proprietary, award-winning REEcorner™ technology packs
critical vehicle components into a single compact module positioned
between the chassis and the wheel - including steering, braking,
suspension, powertrain, and control – resulting in a fully flat EV
platform. Unlike diesel/fuel vehicles or conventional EVs, REE's
fully flat EV platforms are designed with a lower center of gravity
than vehicles with the motor located in between the wheels, and are
intended to carry more passengers, cargo and batteries. REE's
smaller footprint and lower center of gravity will also allow for
taller cabin designs and lower step-in height, yielding more
volumetric efficiency.
"A bold new era for mobility demands a bold reimagining of
what a vehicle can and should be, and that's what we've done with
REEcorner™ and our revolutionary EV platforms" said Daniel Barel, REE Co-Founder and CEO. "We
believe that REEcorner™ technology will enable new EV platforms and
designs to be adopted at lower costs and with faster development
times than conventional EV skateboards."
A variety of mobility players will be able to use
REEcorners™ and EV platforms to custom-design vehicles to meet
their exact needs. For example, by adopting REE's platforms,
Mobility-as-a-Service providers can be empowered to build
front-wheel drive e-shuttles with maximum payload capacity for
transporting passengers with minimal kWh consumption.
Conversely, logistics companies will be able to choose low-speed,
all-wheel drive, all-wheel steer REEcorner™ configurations for
last-mile delivery, with low step-in-height and minimum turning
radius for easy maneuverability in congested urban streets. REE's
EV platforms are designed to offer best-in-class driver ergonomics,
enabling the creation of commercial delivery vans with low center
of gravity, 360° all-side accessibility and unrestricted
visibility for easy loading/unloading in docking stations.
Ahishay Sardes, REE Co-Founder and CTO, explains REE's
differentiation: "Unlike in-wheel motor systems, the motors in
REEcorners™ are fully sprung masses, positioned on the chassis side
of the suspension. By minimizing unsprung mass, REEcorners™
are designed for optimal ride and handling vehicle dynamics.
REE's plan to utilize true x-by-wire technology to control each of
the corners of the vehicles with full drive-by-wire, brake-by-wire
and steer-by-wire technology is expected to deliver vehicle
stability, responsiveness and safety with fully independent wheel
control. REE's design further includes the REEcenter™ ECU
(Electrical Control Unit) system to coordinate all four independent
REEcorner ECUs, a thermal management system, power converter and
power module. We believe that future customers who choose to build
their electric vehicle fleets leveraging REE's technology and EV
platforms will benefit from significant operational and functional
benefits over conventional EV fleets."
EVs and AVs built on REE's technology will offer unprecedented
space for passengers, cargo, and batteries. REE expects that
electric vehicles built on REE's EV platform will offer up to 35%
more interior space than comparable commercial vehicles of similar
size, providing much more room for cargo and goods and thereby
necessitating fewer delivery routes for reduced carbon impact.
Furthermore, REE's smaller footprint saves valuable space in
warehouses and parking areas, while allowing for easy
maneuverability in crowded zones.
REE's Co-Founder and CEO, Daniel
Barel, will take part in the opening panel of MOVE America:
'Realizing the Electric Future..NOW' on March 17 at 9am
PT.
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://ree.auto/.
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 will be 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 registration statement on Form F-4
relating to the business combination filed by REE on March 10, 2021.
Media Contact
Keren Shemesh, CMO
REE Automotive
E: media@ree.auto
M: +972-54-581-4333
For investor relations inquiries, contact investors@ree.auto
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SOURCE REE Automotive