LONDON, Sept. 9, 2021 /PRNewswire/ — Based on its recent analysis of the global automotive EV platform market, Frost & Sullivan recognizes REE Automotive Ltd. (Nasdaq: “REE”) with the 2021 Global EV Platform Company of the Year Award.
2021 Global EV Platform Company of the Year Award
REEcorner™ technology packs critical vehicle components (e.g. steering, braking, suspension, powertrain and control) into a single compact module located between the chassis and the wheel, thus enabling fully-flat EV platforms. REE’s modular EV platforms are designed to offer enhanced payload capacity by providing more room for carrying passengers, cargo and batteries and enhanced body design flexibility and autonomous capability. REE’s EV platforms are built to provide significant value to original equipment manufacturers (OEMs) delivery and logistic companies, e-commerce retailers, Mobility-as-a-Service and new mobility players, with the goal of allowing them to introduce new EV models rapidly and at lower costs.
“Powered by x-by-wire technology, REE’s corner module moves the vehicle’s core functions into a compact area between the chassis and the wheel. It ensures improved steering, braking, suspension, and drive capability, with front, rear, and all-wheel drive options and comprehensive drive-by-wire, brake-by-wire, and steer-by-wire technology,” said Benny Daniel, vice president at Frost & Sullivan.
REE’s EV platforms based on the REEcorner technology are designed to enable greater vehicle design flexibility, lower maintenance costs, capability upgrades via over-the-air technology, and interoperability with sophisticated driver aid systems amongst other benefits. Moreover, the company is well-positioned to support sustainability initiatives with platforms geared to meet zero-emissions requirements.
The REE corner module design can power modular EVs with high load capacity including flexible battery packaging and sizing for transporting passengers and cargo. These benefits are geared to afford a low total cost of ownership, and shorter development time frames than traditional EV skateboard chassis designs. The platform’s scalability makes it ideal for an extensive range of EV deployments, including commercial vehicles, mobility-as-a-service providers and last-mile and logistics companies.
“REE’s disruptive technology is adaptable to a spectrum of target markets and applications. Its REE corner technology is designed to allow OEMs to create customized EV platforms while still reducing the time-to-market of new models,” noted Norazah Bachok, Best Practices research analyst at Frost & Sullivan. “Overall, REE’s delivery of advanced e-mobility services to customers through its modular and unique technology solidifies its leadership position within the corner modules industry.”
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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About REE Automotive Ltd.
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
Media
Keren Shemesh
Chief Marketing Officer | REE Automotive
+972-54-5814333
media@ree.auto
Investor Relations
Limor Gruber
VP Investor Relations | REE Automotive
+972-50-5239233
investors@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.