- Basic robotic assembly proven and implemented on schedule in the first highly automated integration center in the UK
- New Cloud-Based Robotic Manufacturing Approach Creates Efficiency, Cost Savings and Flexibility of Scale
- Next integration center in Austin, Texas will replicate scalable robotic assembly operations
- Initial capacity of 10,000 sets of vehicles by the end of the year to double by 2023
NUNEATON, UK, May 16, 2022 (GLOBE NEWSWIRE) — REE Automotive Ltd. (NASDAQ: REE), an automotive technology company and provider of electric vehicle (EV) platforms, today announced progress toward commercial production after proving its robotic assembly capabilities, central to its lean and highly automated CapEx integration center manufacturing approach. REE plans to implement cloud-based robotic assembly lines across its network of highly digitized global manufacturing plants, the first at its European Integration Center in Coventry, UK.
REE’s Coventry integration center will meet customer demand in Europe initially focusing on the P7 electric platform for commercial vehicles such as delivery vans, buses and recreational vehicles. The Coventry site will also serve as a model for all future REE Integration Centres, with a planned capacity of 10,000 vehicle sets (40,000 REEcorners™) this year. The North American integration center in Austin, Texas, is expected to double its global capacity to 20,000 vehicle sets in 2023 by replicating the highly automated, cloud-based architecture of its European sibling.
The company is partnering with industry leaders including Rockwell Automation and Expert Technologies for robotics and automated assembly, with the first assembly line expected to be operational in the second half of 2022. The company plans to host visits from customers and media later this year.
REE implements line-side controls from Rockwell Automation and creates additional efficiencies and cost savings through the adoption of the Plex Manufacturing Execution System (MES). The ability of the Plex cloud-based solution to provide complete visibility into production operations enables scalable manufacturing locally and in global integration centers.
“This is an important milestone on our path to commercial production next year. The automated and connected capabilities at our Coventry site provide an excellent foundation for our global operations as they will allow us to continuously refine our assembly procedures and rapidly deploy them to other sites,” said Josh Tech, Chief Operating Officer of REE. “Our cloud-based robotic manufacturing system will be the digital backbone of our assembly lines and give us the local capability to manage our customer-specific manufacturing operations, while also allowing us to share and update ‘rapidly scaling up best practices internationally across all plants.’
The integration center is approximately 130,000 square feet, includes Industry 4.0 technologies and will be partially powered by solar energy.
“We have a world-class team of highly skilled designers and engineers who lead the design, development and production of our current and future innovative technologies,” said Peter Dow, vice president of engineering at REE. “Our team is doing extensive work to bring our REEcorner™ technology to market with P7 corner and platform versions. This establishment of the Coventry Integration Center marks a pivotal moment in the commercialization of innovative REEcorner™ technology and EV platforms, with on-track prototype testing of its P7 platform having begun this year.
contacts
Investor Relations
Limor Gruber
VP Investor Relations | REE Automotive
+972-50-5239233
[email protected]
Media
caroline hutcheson
Head of Global Communications | REE Automotive
+1-252-314-2028
[email protected]
About REE
REE (NASDAQ: REE) is an automotive technology leader whose mission is to enable companies to build electric or autonomous vehicles of any size or shape – from Class 1 to Class 6 – for any application and all target markets. REE aims to serve as the foundation on which electric vehicles (“EVs”) and autonomous vehicles (“AVs”) will be built and envisions a future where EVs and AVs are “powered by REE™”.
REE’s revolutionary technology – the REEcorner™ – consolidates the vehicle’s critical components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the frame and the wheel, allowing REE to build platforms Fully flat EVs with more space for passengers, cargo and batteries. REE plans to use its proprietary X-By-Wire control technology to control each REEcorner™ of vehicles with full drive-by-wire, brake-by-wire, and steer-by-wire capabilities.
REE’s electric vehicle platforms are designed to offer customers complete design freedom, enabling automakers, OEMs, delivery and logistics fleets, mobility-as-a-service providers and new players to mobility to design mission-specific electric and audio-visual vehicles based on their exact needs. business needs and significantly reduce their time to market, reduce total cost of ownership and comply with zero carbon regulations.
Based in Glil Yam, Israel, REE has an engineering center in the UK, as well as subsidiaries in Japan and Germany, and plans to open its US 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 includes top names including Hino Motors (truck arm of Toyota), Magna International, JB Poindexter, Navya and American Axle & Manufacturing to provide a complete turnkey solution.
REE’s patented technology, combined with its unique value proposition, positions it to innovate in the field of electric mobility. For more information, visit https://www.ree.auto.
Caution Regarding Forward-Looking Statements
This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding REE’s expectations, hopes, beliefs, intentions or strategies. or its management team regarding the future. In addition, any statement that refers to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. The words “aim”, “anticipate”, “appear”, “approach”, “believe”, “continue”, “could”, “estimate”, “expect”, “plan”, “have the intention”, “may”, “could”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “would” and similar expressions (or the negative version of such words or phrases) may identify forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. All statements, other than statements of historical fact, may be forward-looking statements Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships, goals and expectations for our business, the impact of trends and interest in our business, intellectual property or product and its future results, operations s and the performance and financial situation
These forward-looking statements are based on information available as of the date of this communication and on current expectations, forecasts and assumptions. Although REE believes that the expectations reflected in the forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments and other factors that could cause our actual results, performance or achievements to be materially different from future results, performance or performance. or achievements expressed or implied by the forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. The forward-looking statements contained in this communication speak only as of the date on which they are made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise. , if circumstances change, unless the securities otherwise require. and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments discussed in any forward-looking statements made in this communication may not occur.
Uncertainties and risk factors that could affect REE’s future performance and cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and grow relationships with current Tier 1 suppliers and strategic partners; development of advanced REE prototypes into marketable products; REE’s ability to develop and scale its manufacturing capability 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 certification of its products; REE’s limited operating history; risks associated with REE’s initial commercial production plans; REE’s dependence on potential suppliers, some of which will be single-source or limited; commercial electric vehicle market development; intense competition in the field of e-mobility, including with competitors with far more resources; risks relating to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to continue investing in its platform; the impact of the ongoing COVID-19 pandemic and any other global health epidemics or outbreaks that may occur; and adverse global conditions, including macroeconomic and geopolitical uncertainty; the need to attract, train and retain a highly skilled technical workforce; changes in laws and regulations impacting rare earths; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly skilled employees to achieve its objectives; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the United States Securities and Exchange Commission (the “SEC ”) on March 28, 2022 and in subsequent SEC filings.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3ce34671-f7e1-45de-94d8-18a34740a988
