Hardware prototypes of the solution are
expected by 2022
REE Automotive LTD (NASDAQ: “REE”), a leader in e-mobility,
today announced that REE, together with its partner Hino Motors,
are the top winners in the European Product Design Award in the
“Design for Society” category. Amos Boaz, lead designer for REE,
and Yamaguchi Seiichi, lead designer for HINO, will share the
award.
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The next-generation commercial mobility solution to be jointly
developed by Hino, Toyota’s truck arm, and REE will be comprised of
a modular EV platform ‘Powered by REE’ that will carry a customized
Mobility Service Module on top that can carry passengers, goods,
and deliver services – all enhanced with data. The Mobility Service
Module can be easily detached from the EV platform and once
detached can serve as an independent, stand-alone unit, making
services and goods easily accessible to society. This will not only
be applied toward Mobility-as-a-Service (MaaS) and delivery
segments but this modular design could also offer solutions for
completely new applications.
Hino and REE next-generation electric commercial mobility
solutions will be geared to improve quality of life on a global
scale by lowering carbon emissions, minimizing strain on
infrastructure, reducing congestion, and allowing companies to
allocate resources better. The specialized EV chassis that will be
jointly developed by Hino and REE will leverage proprietary
REEcorner technology, which packs critical vehicle components into
a single system positioned between the wheel and the chassis. The
solution will have a low-floor, full-flat design that flexibly
meets customer needs and supports autonomous driving. Hardware
prototypes of the solution are expected by FY 2022.
“Hino is delighted to have won this prestigious award together
with our valued partner REE Automotive,” said Hino lead designer
Seiichi Yamaguchi. “Together we are going to provide new value to
society through next-generation commercial mobility. With the flat
chassis and the detachable Mobility Service Module, services and
contents themselves become mobile. By sparking metabolism of old
and new in our lives and communities, we aim to realize prosperous
and sustainable societies where people can connect with communities
to create a cycle of happiness.
“Hino is one of the world’s largest leading truck manufacturers
and, together, we’re committed to bringing new value to society and
reducing the carbon footprint,” said Ahishay Sardes, Co-Founder and
Chief Technology Officer of REE. “We are honored that our design
collaboration has been recognized with this award, as our corner
and control technology and fully-flat platform enable multiple new
applications for modular commercial electric vehicles – helping us
work toward a zero-emissions future.”
About Hino Motors
Hino Motors, Ltd. is a Toyota
Group company selling trucks and buses in more than 80 countries in
2020. Number of employees totals 35,000 globally, and produces
vehicles in over 20 countries including the 4 major plants in
Japan. Hino slogan is “Trucks and buses that do more”. To put
“Trucks and buses that do more” into practice, Hino will provide
“appropriate products with safety and environment technologies”,
“ultimately customized total support for customers”, and “challenge
new fields”.
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 – from class 1 through class 6 – 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 CapEx-light manufacturing model that
leverages its Tier 1 partners’ existing production lines. REE’s
technology, together with its unique value proposition and
commitment to excellence, positions REE to break new ground in
e-Mobility.
For more information visit: www.ree.auto.
Caution About Forward-Looking Statements
This communication includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
may be forward-looking statements. Words such as “may,” “will,”
“should,” “likely,” “anticipates,” “expects,” “intends,” “plan,”
“projects,” “believes,” “views,” “estimates”, “future”, “allow”,
“aims”, “strives” “endeavors” and similar expressions are used to
identify these forward-looking statements. These statements
include, among other things, the Company’s statements about the
Company’s strategic and business plans, relationships or outlook,
the impact of trends on and interest in its business, intellectual
property or product and its future results. These forward-looking
statements are based on REE’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 control. Forward-looking statements in this communication or
elsewhere speak only as of the date made and REE undertakes no
obligation to update its forward-looking statements, whether as a
result of new information, future developments or otherwise, should
circumstances change, except as otherwise required by securities
and other applicable laws. 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 future performance and cause results to
differ from the forward-looking statements in this release include,
but are not limited to: REE’s ability to commercialize its
strategic plan; REE’s ability to maintain and advance relationships
with current Tier 1 suppliers and strategic partners; development
of REE’s advanced prototypes into marketable products; REE’s
ability to grow and scale manufacturing capacity through
relationships with Tier 1 suppliers; REE’s estimates of unit sales,
expenses and profitability and underlying assumptions; REE’s
reliance on its UK Engineering Center of Excellence for the design,
validation, verification, testing and homologation of its products;
REE’s limited operating history; risks associated with plans for
REE’s initial commercial production; REE’s dependence on potential
suppliers, some of which will be single or limited source;
development of the market for commercial EVs; intense competition
in the e-mobility space, including with competitors who have
significantly more resources; risks related to the fact that the
Company is incorporated in Israel and governed by Israeli law;
REE’s ability to make continued investments in its platform; the
impact of the ongoing COVID-19 pandemic and any other worldwide
health epidemics or outbreaks that may arise; the need to attract,
train and retain highly-skilled technical workforce; changes in
laws and regulations that impact REE; REE’s ability to enforce,
protect and maintain intellectual property rights; REE’s ability to
retain engineers and other highly qualified employees to further
its goals; and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s final prospectus relating to
its business combination filed with the U.S. Securities and
Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent
filings with the SEC. While the list of factors discussed above and
the list of factors presented in the final prospectus are
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210923005300/en/
Investor Relations Limor Gruber VP Investor Relations |
REE Automotive +972-50-5239233 investors@ree.auto
Media Caroline Hutcheson Head of Communications | REE
Automotive +1-252-314-2028 media@ree.auto
Media Makota Iijima Manager, Corporate Communications
Group, Public Affairs Division ma.iijima@hino.co.jp
hm.pr@hino.co.jp
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