REE Automotive Ltd. (NASDAQ: REE) is to open its U.S. headquarters in Austin, Texas to address the growing U.S. market demand for mission-specific EVs from delivery and logistics companies, Mobility-as-a-Service and new technology players. In addition, Austin will be the location of REE’s first asset-light Integration Center for the assembly and testing of its REEcorner technology and ultra-modular EV platforms.
The REE Austin facility is expected to create approximately 150 jobs in upcoming years.
REE says it’s also exploring several collaborations with a number of Koch Industries, Inc. companies, to support and accelerate the establishment of REE’s integration center in Austin. Koch Strategic Platforms, LLC, a subsidiary of Koch Industries, is an investor in REE as well.
Following its merger with 10X Capital Venture Acquisition Corp., the Israeli company’s shares will begin trading on the Nasdaq market on Friday, July 23rd, 2021.
Daniel Barel, REE’s Co-Founder and CEO, says: “Establishing our U.S. headquarters in Austin, Texas best positions us for growth and rapid expansion. Austin is fast becoming a worldwide home for elite technology professionals. REE needs to continue growing and thriving, and Austin’s dynamism and entrepreneurial spirit definitely fit REE’s culture and values. Our U.S. presence will allow us to capitalize on the incredible opportunities in the U.S. market and put us closer to our North American-based customers and partners, including Magna International and JB Poindexter, as we work together to develop and deliver modular EVs (MEVs™).”
Michael Charlton, REE’s COO, adds: “REE’s Integration Centers will be designed to be fully modular and scalable to ensure the Company achieves projected production volumes. The state-of-the-art centers will utilize automation, including Automated Guided Vehicles (AGVs), for the optimal movement of assemblies, with the goal of increasing automation levels to Industry 4.0 Technology and beyond.”
Headquartered in Tel Aviv, Israel, REE also has subsidiaries in the U.S., the UK and Germany.
To read our full interview with REE CEO, Daniel Barel, click on the link.