Israeli skateboard platforms began US expansion

Israeli skateboard platforms began US expansion

FineAuto

So far, REE has three REEboard skateboards: P4, P2, P1. In the future, there will be at least five of them, since large “carts” for trucks and buses will appear. The firm itself estimates the market for such platforms at $ 700 billion.

REE Automotive, using a merger with dummy firm 10X Capital (SPAC), went public on July 23 on the US Nasdaq under the tickers REE and REEAW. Immediately thereafter, the Israelis announced the opening of the REE Austin headquarters in Austin, Texas. The REE asset-light “integration center” will also operate there for the production and testing of REEcorner electrical platforms and power modules.

By the second half of 2022, the center should produce 40,000 “skateboards” a year, creating more than 150 jobs in the region.

“A presence in the United States will benefit from incredible market opportunities, bringing us closer to North American clients and partners such as Magna International and JB Poindexter,” explained CEO Daniel Barel.

Although REE outsource body design to customers, they drew some renders for demonstration. Note that the startup Canoo also did not want to deal with bodies and the production of its own electric cars at first, but in the end it does both.

Barel, in an interview with Reuters, admitted that his firm has not yet received large orders, but “the strength of REE lies in its partnerships” with Magna International, American Axle, Navya, EAVX (JB Poindexter), Hino (Toyota), Mitsubishi, Mahindra and others.

“All these firms will start using us as their platform at some point. This is much more than just an order, ”the co-founder emphasized.

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