Magna International, a Canadian auto parts giant, announced that it will cooperate with Israeli start-up REE automotive to develop a modular electric vehicle to help the company further enter the electric vehicle market.
The two companies agreed to use REE’s platform to design and produce electric vehicles, which supports different vehicle designs. In a joint statement, Magna and REE said the electric vehicles could be manufactured in full compliance with the specifications of “global technology companies and participants in the electric travel market”, while enabling them to accelerate their access to the market.
“Many large technology companies are very interested in creating large global mobile services and solutions. Daniel barel, CEO of REE, said in an interview on Sunday. “This car can have any brand the brand owner wants, but it’s powered by REE.”
The location, time and financial terms of the deal were not disclosed. Barrell said the two companies would split any revenue generated in the future. He said REE has signed orders for about 260000 vehicles using the REE platform.
Last October, Magna also reached an agreement with Fisker, an American electric vehicle manufacturer, to produce the ocean SUV, which will be put into production at Magna’s factory in Graz, Austria, by the end of 2022. Since then, Magna’s share price has risen 70%.