REE Automotive has chosen Austin for its U.S. headquarters.
The Israel-based automotive company is establishing its first center for the assembly and testing of its electric vehicle platforms in Austin. The center is expected to create 150 jobs. The company is exploring collaborations with Koch Industries companies to establish the center.
Koch Strategic Platforms, a subsidiary of Koch Industries, is an investor in REE.
“Establishing our U.S. headquarters in Austin, Texas best positions us for growth and rapid expansion,” Daniel Barel, REE’s Co-Founder and CEO, said in a news release. “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™).”
The company’s technology integrates critical vehicle components, including steering, braking, suspension, powertrain and control, into a single compact module between the chassis and the wheel, using x-by-wire technology for steering, driving and braking, according to a news release.
The company’s technology has enabled it to develop “a modular, fully-flat skateboard chassis with more room for passengers, cargo and batteries that will be highly adaptable to customers,” according to a news release.
Electric vehicles platforms using its technology are agnostic to vehicle size and design, power source, and driving model, which allows the company to target a $700 billion market.
The company’s stock, trading under the symbol REE, also began trading on the Nasdaq stock market last week. Its stock closed $10.21, down 5 percent on Friday. The company went public as the result of a merger with 10X Capital Venture Acquisition Corp.
“Toyota Motor Corp (7203.T) unit Hino will use Tel Aviv-based REE’s platform for its electric trucks and buses, and REE has also formed partnerships with American Axle (AXL.N), Canadian auto supplier Magna International (MG.TO), French autonomous shuttle maker Navya (NAVYA.PA) and EAVX, a newly-formed unit of U.S. commercial vehicle body maker JP Poindexter & Co,” according to Reuters.