REE Announces Nomination of American Axle to Supply Next Generation 3-in-1 Electric Drive Technology

Rhea-AI Summary

REE Automotive Ltd. (NASDAQ: REE) has nominated American Axle & Manufacturing (NYSE: AXL) to supply high-performance electric drive units (EDUs). AAM's innovative 3-in-1 electric drive technology will be integrated into REE's REEcorner technology, enhancing power density while reducing weight. Prototypes are expected by late 2021, with full production projected for 2024, primarily targeting a U.S.-based delivery van program. This collaboration aims to support REE's growth and commitment to a zero-emissions future through high-quality automotive technology.

Positive

• Nomination of AAM for electric drive units enhances REE's production capabilities.
• 3-in-1 electric drive technology improves power density and efficiency.
• Prototypes expected by late 2021, supporting timely market entry.

Negative

• Full production not expected until 2024, delaying revenue generation.
• Prototype integration is limited to a specific U.S. delivery van program.

TEL AVIV, Israel--(BUSINESS WIRE)-- REE Automotive Ltd. (NASDAQ: “REE”), a leader in e-mobility, today announced the nomination of American Axle & Manufacturing (AAM) Holdings, Inc. (NYSE: AXL), a leading global Tier 1 automotive supplier, to supply REE with its high-performance electric drive units (EDU).

AAM’s award-winning 3-in-1 electric drive technology - which places the electric motor, gearbox and inverter into a single package – will be integrated into REEcorner technology. AAM’s high-speed, highly integrated 3-in-1 propulsion systems are designed to provide the highest levels of torque and power density, a great match for REE’s compact and modular REEcorners as they offer more power with less weight and packaging volume.

The electric drive units will be developed at AAM’s Advanced Technology and Development Center in Detroit with delivery of prototypes planned by the end of 2021 with full volume production expected by 2024. The initial integration will be for prototype builds for a U.S.-based delivery van program.

REEcorners™ integrate critical vehicle components (inc. steering, braking, suspension, powertrain & control) into a single compact module positioned between the chassis and the wheel. REE uses 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, expected to deliver vehicle stability, responsiveness and safety with fully independent wheel control. REE’s corner technology enables building modular, fully-flat EV platforms with more room for passengers, cargo and batteries – as much as 35% greater interior space as compared to internal combustion vehicles or conventional EVs. REE’s EV platforms afford complete freedom of design, enabling auto-manufacturers, OEMs, delivery & logistics companies, and new mobility players to design EVs based on their exact specifications while reducing time-to-market, lowering TCO and meeting zero-carbon regulations.

Daniel Barel, REE Co-Founder and CEO: “This supplier nomination is an important step in our production progress as we remain totally focused on execution. With our nomination of AAM, an innovator in electric propulsion systems, we are securing future capacity of EDUs to support our growth and advancing our goal of partnering with leading automotive suppliers to bring the best technology to customers for flexible end-use options. In AAM we have a found a partner with the experience and expertise that will help propel a zero-emissions future in line with our vision.”

About REE Automotive

REE (Nasdaq: REE) is an automotive technology leader whose mission is to empower 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. REE aims to serve as the underpinning on top of which EVs and AVs will be built and envisions a future where EVs and AVs will be ‘Powered by REE’.

REE’s revolutionary technology - the REEcorner™ - packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel, enabling REE to build the industry’s flattest EV platforms with more room for passengers, cargo and batteries. REE uses 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.

REE’s EV platforms afford complete freedom of design, enabling auto-manufacturers, OEMs, delivery & logistic fleets, Mobility-as-a-Service providers and new mobility players to design mission-specific EVs and AVs based on their exact business requirements and significantly reduce their time-to-market, lower TCO and meet zero-carbon regulations.

Headquartered in Herzliya, Israel, REE has an Engineering Center in the UK, as well as subsidiaries worldwide including Japan and Germany, and plans to open its U.S. headquarters and first Integration Center in Austin, Texas. REE’s unique CapEx-light manufacturing model leverages Tier-1 partners’ existing production lines; the company’s extensive partner ecosystem encompasses leading names including Hino Motors (truck arm of Toyota), Magna International, JB Poindexter, and American Axle & Manufacturing to provide a full turnkey solution.

REE’s patented technology, together with its unique value proposition, position it to break new ground in e-Mobility. For more information visit https://www.ree.auto.

About AAM

AAM (NYSE: AXL) delivers POWER that moves the world. As a leading global Tier 1 automotive supplier, AAM designs, engineers and manufactures driveline and metal forming technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. Headquartered in Detroit, AAM has approximately 20,000 associates operating at nearly 80 facilities in 17 countries to support our customers on global and regional platforms with a focus on quality, operational excellence and technology leadership. To learn more, visit www.aam.com.

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Investor Relations

Limor Gruber

VP Investor Relations, REE Automotive

+972-50-5239233

investors@ree.auto



Media

Keren Shemesh

Chief Marketing Officer, REE Automotive

+972-54-5814333

media@ree.auto

Source: REE Automotive Ltd.

FAQ

What is the recent partnership between REE and AAM?

REE Automotive has nominated American Axle & Manufacturing as its supplier for high-performance electric drive units.

When will REE Automotive start production with AAM's technology?

Prototype deliveries are expected by the end of 2021, with full production projected for 2024.

How does AAM's technology benefit REE Automotive?

AAM's 3-in-1 electric drive technology enhances power density and allows for a compact design in REE's EV platforms.