Mon Sep 16 15:52:34 UTC 2024: ## REE Automotive Partners with Motherson Group to Accelerate Electric Truck Production
**TEL-AVIV, Israel and NOIDA, India – Sept. 16, 2024** – REE Automotive (NASDAQ: REE), a leading provider of full by-wire electric trucks and platforms, has announced a strategic agreement with Motherson Group, a global automotive supplier, to expedite production and meet growing demand for its electric vehicles.
Under the agreement, Motherson will manage sourcing and supply chain for REE’s production parts, including its revolutionary REEcorner® technology, and support the assembly of the REE P7 electric truck. This collaboration will leverage Motherson’s extensive manufacturing capabilities and global reach, allowing REE to focus on innovation and customer acquisition.
In addition, Motherson will nominate a director to join REE’s board of directors, further strengthening the partnership.
The announcement coincides with REE securing $45.35 million in a direct offering led by M&G Investments, a long-term supportive shareholder. Motherson also participated in the offering, investing $15 million.
“This agreement will enable us to leapfrog over many of the challenges others face when ramping up production,” said Daniel Barel, Co-founder and CEO of REE. “Motherson’s global footprint and manufacturing prowess combines perfectly with REE’s technology and innovation mindset.”
Laksh Vaaman Sehgal, Vice Chairman of Motherson Group, added: “We are pleased to announce our long-term agreement with REE to accelerate its industrialization within a mutually beneficial commercial framework. We believe that this strategic partnership will contribute towards Motherson’s diversification and increasing content per vehicle strategy.”
The partnership is expected to significantly benefit both companies. REE aims to accelerate production, increase gross and cash flow margins, and expand its patent portfolio. Meanwhile, Motherson strengthens its position in the rapidly growing electric vehicle market.
This strategic collaboration marks a significant step forward for REE as it moves to meet the growing demand for electric trucks. The company’s software-driven technology is poised to play a key role in the transition towards carbon neutrality in the automotive industry.
**About REE Automotive**
REE Automotive is an automotive technology company that provides modular platforms for building electric vehicles of various shapes and sizes. Its innovative REEcorner® technology packs critical vehicle components into a single module, offering greater design freedom and flexibility for vehicle manufacturers.
**About Motherson Group**
Motherson Group is a global engineering and manufacturing specialist and one of the world’s leading automotive suppliers. It provides a comprehensive range of products and services to global OEMs, including electrical distribution systems, automotive interior and exterior modules, and lighting systems.
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