TEL AVIV, Israel, Feb. 16, 2021 /PRNewswire/ -- REE Automotive
(REE), a leader in e-Mobility, which recently announced its merger
with 10X Capital Venture Acquisition Corp. (NASDAQ: VCVC), today
announces the establishment of a new state-of-the-art Engineering
Center of Excellence. The new Engineering Center will
expedite REE's strategic plans to meet anticipated global
demand for its breakthrough REEcorner and Electric Vehicle (EV)
platform technology.
The Engineering Center will spearhead REEcorner and EV platform
engineering design, validation, verification and testing, as well
as product homologation. REE will also have access to world-class
test facilities and a proving ground for physical testing and
validation of the REEcorner and EV platform at the MIRA Technology
Park in the UK.
REE's unique CapEx-light manufacturing model will utilize
globally located integration centers, creating scalable and agile
unit economics. REE intends to assemble components at its
integration centers, thus reducing Capex requirements, and expects
to establish a network of 15 integration centers with the first one
set to open in the US in 2021. REE plans to manufacture via a
secured and exclusive global network of Tier 1 partners in over 30
countries, with point-of-sale assembly.
Daniel Barel, REE's Co-Founder
and CEO: "I am excited to announce another major milestone for REE
towards bringing our technology and products to the market as we
expand our global footprint. With the recent announcement that we
plan to go public via a SPAC through our merger with 10X Capital
Venture Acquisition Corp. and funding from long-term strategic
investors including Koch Strategic Platforms, Mahindra &
Mahindra and Magna International, REE would have sufficient capital
to accelerate mass production of REEcorner technology and modular
EV platforms. The first REEcorners are expected to be delivered to
customers in 2022, with mass production beginning in 2023. This new
Engineering Center is a state-of-the-art facility allowing us to
accelerate our validation, verification and testing as well as
product homologation."
REE's technology empowers global mobility companies with the
flexibility to build electric and autonomous cars, vans and trucks
of any size or shape, for any application, and any target market.
REE's proprietary REEcorner X-by-wire technology integrates all
critical vehicle components (steering, braking, suspension,
powertrain and control) into the arch of the wheel. This
groundbreaking concept, unique to REE, allows a completely flat and
modular electric chassis and provides customers with full design
freedom to create the broadest range of electric and autonomous
vehicles. EVs and AVs built on REEcorner and EV platform technology
will offer more room for passengers, cargo, and batteries in a
manner unprecedented in the industry. REE's proprietary technology
is agnostic to vehicle size and design, power-source and driving
mode (human or autonomous).
Lord Grimstone of Boscobel Kt, Minister for Investment at the
Department for International Trade: "The UK is the most welcoming
location for a pioneering automotive company like REE thanks
to our leading position in both CAM and vehicle electrification.
The Government's multi-million 'Driving the Electric Revolution'
program, which drives forward new solutions in automotive power
electronics, motors and drives, has played a major role in bringing
this exciting investment to the UK. I wish the company every
success in its new home."
Mike Charlton, REE's COO, who is
responsible for the launch stated, "A key driver in our decision to
establish our presence in the UK is the UK government's
forward-thinking vision and zero-emissions policy that perfectly
aligns with REE's goal of heralding a more sustainable, greener
future for our generation and those to come."
The opening of REE's new Engineering Center at MIRA Technology
Park in the UK - Europe's leading
mobility R&D location for developing the latest automotive
technology - is anticipated to create approximately 200 highly
skilled jobs in the next few years.
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 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://www.ree.auto.
About MIRA Technology Park
MIRA Technology Park is Europe's
leading mobility R&D location for developing the latest
automotive technology. It is a national centre of excellence and
located in the middle of the UK automotive sector, providing access
to over 40 major test facilities and the UK's most comprehensive
proving ground. MIRA Technology Park is home to over 35 global
OEMs, Tier 1 and specialist automotive technology companies. The
purpose-designed campus creates a unique collaborative ecosystem,
bringing together world-class facilities and skilled engineers, to
provide a location for innovation and technological
development.
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 will file with the Securities and
Exchange Commission ("SEC") a registration statement on
Form F-4 that will include 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 24, 2020
relating to its initial public offering and in subsequent filings
with the SEC, including the proxy statement relating to the
business combination expected to be filed by 10X SPAC.
Media Contact
Keren
Shemesh
Chief Marketing Officer
REE Automotive
E: kerens@ree.auto
M: +972-54-5814333
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ree-automotive-opens-new-engineering-center-of-excellence-301228762.html
SOURCE REE Automotive