Hyperdrive
Magna to Build Modular EV With Israeli Startup REE
- Platform pitched as way for tech companies to enter market
- Modular vehicles seen aiding flexibility, fast market entry
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Magna International Inc. will develop a modular electric vehicle with Israeli startup REE Automotive, helping the Canadian auto supplier and contract manufacturer muscle further into a growing field of EV players.
The companies agreed to jointly design, engineer and build the EVs using REE’s platform, the skateboard-like base that supports different vehicle designs on top. The vehicles can be built to the exact specifications of “global technology companies and e-mobility players” while speeding their entry into the market, Magna and REE said in a statement.