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REE Automotive, Ltd.

From EverybodyWiki Bios & Wiki
REE Automotive, Ltd.
RฦŽE
Native name
ืจื™ ืื•ื˜ื•ืžื•ื˜ื™ื‘
Formerly
  • SoftWheel (2011โ€“2019)
Public
Traded asNASDAQ: REE
ISIN๐Ÿ†”
Industry
Founded ๐Ÿ“†January 16, 2011; 14 years ago (2011-01-16) in Glil Yam, Israel
Founder ๐Ÿ‘”
Headquarters ๐Ÿ™๏ธCoventry,
United Kingdom
Number of locations
2 manufacturing centers
Area served ๐Ÿ—บ๏ธ
  • Europe
  • North America
  • Japan
Key people
  • Daniel Barel (CEO)
  • Ahishay Sardes (CTO)
Products ๐Ÿ“Ÿ 
Production output
  • Increase 25 test vehicles (2023)
Services
  • commercial EV fleet financing
  • replacement EV batteries
  • EV charging infrastructure
  • EV servicing
Members
Number of employees
261 (February 2023)
๐ŸŒ Websitehttps://ree.auto
๐Ÿ“‡ Address
๐Ÿ“ž telephone
Footnotes / references
FORM 20-F for the fiscal year 2022[1]

REE Automotive, Ltd. is a commercial electric vehicle developer and manufacturer. The company is based in Glil Yam, Israel. It operates a development and manufacturing center in Coventry, United Kingdom, and expects a manufacturing center in Greater Austin, Texas to be operational in 2023.

The company's business model is horizontal, sourcing components of its vehicles from its tier-one automotive manufacturing partners, allowing the company to benefit from its partners' existing manufacturing capacity. The company expects its first production vehicles to be ready for mass manufacturing by the end of 2023. The vehicles, class 3, 4, and 5 trucks, respectively the P7-B box truck, P7-C cab chassis, and Proxima delivery van, are based on the company's P7 electric vehicle platform and corner modules.

The company's electric vehicle platform features four independent interchangeable corner modules, dubbed REECorners, each one housing a motor, transmission, inverter, steering actuators, suspension, and brakes. The corner modules are controlled electronically, by-wire, with no mechanical connections, allowing for a completely flat platform chassis onto which custom chassis bodies can be attached.

Founding[edit]

SoftWheel[edit]

Before changing its name to REE Automotive, the company was called SoftWheel.[2] SoftWheel was founded in 2011 by Gilad Woolf. Woolf engaged the services of Amihai Gros and the services of Ahishai Sardes of Ziv Av Engineering, who developed a wheelchair wheel with an embedded suspension system.[3] Daniel Barel joined as CEO in 2013.[4] In 2014 SoftWheel raised three million dollars in an effort to enter the electric bicycle market with its in-wheel selective suspension system, which is stiff while riding on level surfaces, and becomes shock-absorbent upon impacts.[3][5][6]

Shift to the automotive industry[edit]

Faced with its investors potentially pulling funding and shutting down the company by 2016, SoftWheel began developing in-wheel shock absorbers for bicycles, motorcycles, and automobiles.[7] By mid-2017, the company planned to manufacture products for bicycles and develop a product for automobiles, raising a total of 15 million USD, with plans for two more assembly lines in addition to its existing ones for wheelchair wheels in Israel and the United States.[8] The company raised an additional $25 million in 2018 in an effort to pivot its business to the automotive market,[9] for a total of $40 million, partly from investors in the automotive industry such as Mitsubishi and Musashi Seimitsu.[9][10]

Daniel Barel announced the company's new name, REE, at the EcoMotion convention in June 2019, where he unveiled an automotive platform for autonomous delivery vehicles.[11] The name-change signifies "reinventing" the car by discarding the mechanical connections between the wheels in favor of electronic by-wire control.[11]

Financing[edit]

The company expected to raise 436 million USD through a special-purpose acquisition company merger with 10X Capital Venture Acquisition Corp, of which $200 million were expected from 10X Capital investors. Three-quarters of the 10X Capital shares were redeemed by investors upon the merger, reducing the raised capital by about $153 million.[12] A total of $285 million were raised by the company when going public on NASDAQ on July 23, 2021, resulting in about $318 million in cash on-hand, and a valuation of about three billion dollars.[13] The CEO said that while vertical automotive companies require 20 billion dollars or more to develop their supply chain and manufacturing capabilities, the company is set to achieve large-scale manufacturing and commercialization of its first product line through its horizontal business alliances using its $300 million in cash.[14]

Following the merger, REE Automotive's valuation dropped significantly, reaching about $100 million in early 2023.[15] The company had no significant revenue by February 2023, when it fired 31 employees which were approximately 11% of its workforce.[16] The company expects as of May 2023 that its cash runway will finance its operations past its test fleet deliveries and into the scaling-up of its business.[17]

Business model[edit]

REE Automotive is structured for a capex-light business model with horizontal alliances with tier-one manufacturers.[14][18] Among its partners are American Axle, Mahindra & Mahindra, Musashi Seimitsu, and KYB.[19] The company says that unlike Tesla or Rivian who spend billions of dollars building manufacturing capacity, REE Automotive uses its partners' existing excess manufacturing capacity which allows it to quickly scale up production. The company assembles parts provided by its partners onto its corner modules and platforms at the company's manufacturing facilities.[18][20] The company aims to provide, along with its partners, "a full turn-key solution" for electric vehicle fleets, which includes the sale of full vehicles, and services such as vehicle financing and charging infrastructure. These services are meant to allow companies' fleets to transition from internal combustion engine vehicles to electric vehicles.[21]

Competition[edit]

Small commercial electric vehicle startups like REE Automotive attempted to fill the void in commercial EV offerings left by traditional automotive manufacturers in the late 2010s. The startup companies expected to beat the traditional manufacturers to market, or partner with them, or be acquired by them. The traditional manufacturers have since started to fill the commercial EV void, bringing the small manufacturers into direct competition with them and leading to difficulties in raising funding and generating sales to large customers.[22][23] This put small manufacturers like Arrival, Canoo, Lordstown, and ELMS in financial difficulties. REE Automotive hopes to overcome these issues with its P7 offerings and its horizontal business model.[24][23]

Technology[edit]

Corner modules[edit]

The core technology developed by REE Automotive is the corner module. These modules are located directly adjacent to each wheel, housing all of the vehicle's drive systems. The modules are controlled by-wire, eliminating the use of mechanical connections that are traditionally housed throughout the chassis, like a steering column, drivetrain, and so on. This design allows for a flat platform chassis with more space for passengers or cargo, and easy replacement of each module.[11]

Prior to its initial fundraising on the stock market, the company developed five classes of corner modules for different vehicle classes up to 7 tonnes gross vehicle weight.[25] Following its fundraising shortfall, the company focused on developing and bringing a single product line to market,[14] based on the P7 corner module for up to 8.9 tonnes gross vehicle weight.

Each P7 corner module houses the following: a drive unit co-developed with American Axle consisting of an electric motor with regenerative braking, a transmission, and an inverter; steering actuators developed by Trio; double wishbone suspension with twin dampers; brakes and braking actuators co-developed with Brembo; sensors; and an electronic control unit (ECU) based on Infineon AURIX running REE Automotive software that manages all the systems. A P7 platform includes four corner modules that are controlled in tandem by a central ECU.[26][27]

Safety and security[edit]

Redundancy is implemented at the vehicle level and at the component level for fail-operational safety and fault detection. At the vehicle level, the central ECU can compensate for the failure of a corner module or one of its components by using the other three modules for corrective steering, braking, and propulsion. At the component level, many have built-in redundancy: the central ECU and each corner module ECU features two Infineon AURIX microcontrollers operating in a lockstep configuration, allowing for fault-detection; the ECUs are powered by redundant low-voltage batteries connected to redundant low-voltage power grids; there are redundant microcontroller communication networks; there are redundant medium voltage sources that power redundant steering actuators for each wheel; there are redundant sensors; and so on. These safety features are specified by the ISO 26262 standard level D. Vehicle cybersecurity is specified by the ISO/SAE 21434 standard and UNCE regulations 155, 156, and 157, and implemented using dedicated cryptographic modules that encrypt all communication between the ECUs and the drive system components.[28][29]

Prototypes and concept cars[edit]

REE Automotive presented its first public prototype at the EcoMotion convention in June 2019.[11] Early prototypes shown in 2019 were dubbed the Air, Share, and Bolder. The prototypes offered two or four wheel-end motors with varying power ratings, attached to flat chassis platforms of varying sizes. Later, similar prototypes were dubbed the P1, P2, and P4. They were designed for 1.3, 2.5, and 4.5 tonne gross vehicle weight, respectively. All the prototypes were autonomous-ready, driven entirely electronically, by-wire.[30]

[[Wikipedia:File:Hino FlatFormer 02.jpg|thumb|right|The Hino Flatformer employs the flat REE platform chassis[31] but no corner modules. Pictured with an interchangeable upper body with package delivery cubbies.[32]]] An autonomous modular concept vehicle, dubbed Flatformer, was co-developed by REE Automotive and Hino Motors and displayed at the 2019 Tokyo Motor Show.[31] The Flatformer features a flat chassis platform that can have different chassis bodies interchanged autonomously on top of it, such as a body with package delivery cubbies, a body providing retail services, and a body for shuttling passengers.[32]

Autonomous vehicle developer Navya announced in April 2021 it partnered with REE for development of level 4 autonomous vehicles.[30] A concept vehicle for autonomous last-mile delivery, dubbed Leopard, was on display at CES 2022.[33] An autonomous passenger shuttle prototype at Belfast Harbour, dubbed Harlander, is expected to begin shuttling passengers in late 2024.[34]

Production[edit]

REE Automotive P7 product line specifications
P7 platformP7-BP7-CProxima
GVWR (lbs)10,000-19,50014,00016,00019,500
Payload (lbs)max 8,0004,4007,0008,000
Cargo volume (ft3)max 1,2708129501,000
Range estimatemax 200 mi150 mi150 mi125 mi
Peak horsepower536 (134ร—4)536536536
DriveRWD, FWD, AWDAWDAWDAWD
SteerFWS, AWSAWSAWSAWS
References[35][36][37][38]

REE Automotive showcased its first prototype production corner module at CES 2022.[33] Five months later, Morgan Olson demonstrated its Proxima delivery van, a class 5 truck powered by the P7 module and platform, planned for production at scale.[39][40] Two months later, the company demonstrated a P7-based class 3 box truck, dubbed the P7-B, which is expected to begin production in 2023.[41] At the ACT Expo in May 2023, the company showcased its pre-production P7-C cab chassis truck, and said it expects to begin deliveries of its P7 products in the fourth quarter of 2023.[42]

The prototype corner modules and chassis underwent road tests and durability testing, leading to production-intent prototypes suitable for 350,000 kilometres (220,000 mi) of service life.[26] Company representatives presented a production-intent P7 corner module in March 2023 at Work Truck Week, saying the module is fastened to the platform on a single plane entirely from the side of the vehicle, with no special tools.[43] The platform's four corner modules are interchangeable, simplifying manufacturing and maintenance. A module may be removed and a new module fastened to the platform in 20 minutes, with a further 40 minutes of calibration for the vehicle to become operational again.[44]

Twenty-five production-intent test vehicles have been manufactured for validation and certification, and the P7 assembly line was fully built-out by March 2023.[45] The assembly line is divided into automated and manual stations, with the corner modules being carried from one station to the next on autonomous robots. The assembled modules are then attached to a platform chassis, and finally a chassis body is attached. The company's first manufacturing facility was established in 2022 in Coventry, United Kingdom.[20] Another manufacturing facility, in Greater Austin, Texas, is expected to be operational in 2023. Each facility is designed to initially produce up to 10,000 vehicles a year[46] with a single daily work shift.[44]

References[edit]

  1. โ†‘ FORM 20-F For the fiscal year ended December 31, 2022 REE Automotive Ltd., U.S. Securities and Exchange Commission
  2. โ†‘ FORM F-4, REE Automotive LTD, March 10, 2021
  3. โ†‘ 3.0 3.1 "ืœื”ืžืฆื™ื ืืช ื”ื’ืœื’ืœ ืžื—ื“ืฉ", GlobesTV, July 6, 2014
  4. โ†‘ ื“ืคื ื” ื‘ืจืžืœื™-ื’ื•ืœืŸ (December 3, 2015), "ื›ืžื” ื”ื–ื“ืžื ื•ื™ื•ืช ืืชื” ื‘ืืžืช ืžืงื‘ืœ ืœืฉื ื•ืช ืืช ื”ืขื•ืœื?", Globes
  5. โ†‘ Abigail Klein Leichman (March 18, 2014), "Leave it to Israelis to reinvent the wheel", Israel21c
  6. โ†‘ Sharon Udasin (February 11, 2014), "Israeli startup reinvents the wheel", The Jerusalem Post
  7. โ†‘ Paul A. Eisenstein (May 24, 2016), "Here's Why the Global Automobile Industry Is Turning to ... Israel?", NBC News
  8. โ†‘ ื˜ืœื™ ืฆื™ืคื•ืจื™ (May 4, 2017), "ืกื•ืคื˜ื•ื•ื™ืœ ืฉืคื™ืชื—ื” ื‘ื•ืœืžื™ ื–ืขื–ื•ืขื™ื ืœื’ืœื’ืœื™ื ื’ื™ื™ืกื” 10 ืž' ื“ื•ืœืจ", Globes
  9. โ†‘ 9.0 9.1 Orbach, Meir (August 20, 2018), "SoftWheel Raises $25 Million to Reinvent the Wheel", CTECH, retrieved June 23, 2021
  10. โ†‘ Omer Kabir (February 21, 2019), "In Ten Years, 30% of Cars Will Be Electric, Says SoftWheel Vice President", CTECH
  11. โ†‘ 11.0 11.1 11.2 11.3 Brian Blum (September 9, 2019), "Israeli startup is totally reinventing how cars are built", Israel21c
  12. โ†‘ ื™ืขืงื‘ ืฆืœืืœ (July 31, 2021), "ืจื™ ืื•ื˜ื•ืžื•ื˜ื™ื‘ / ื”ืžืฉืงื™ืขื™ื ืžื›ืจื• ืžื ื™ื™ืช ื”ืกืคืืง, ืฉื•ื•ื™ ื”ื—ื‘ืจื” ื ื—ืชืš ื‘-50%", AutoNews.co.il
  13. โ†‘ REE Automotive (August 20, 2021), FORM F-1
  14. โ†‘ 14.0 14.1 14.2 ืฉื™ืจื™ ื—ื‘ื™ื‘ ื•ืœื“ื”ื•ืจืŸ (December 28, 2021), "ืžื ื›"ืœ REE ืœื ืžืชืจื’ืฉ ืžื ืคื™ืœืช ื”ืžื ื™ื”: "ืื ื—ื ื• ืคื” ืœื˜ื•ื•ื— ืืจื•ืš, ื ื”ื™ื” ื”ืฉื—ืงืŸ ืื•ืœื™ ื”ื›ื™ ื’ื“ื•ืœ ื‘ืฉื•ืง ื”ืจื›ื‘"", Globes
  15. โ†‘ Almog Azar (January 11, 2023), "Did REE hide a $5.2 billion lawsuit from its shareholders?", CTECH
  16. โ†‘ ืื™ืชื™ ืคืช-ื™ื” (February 9, 2023), "ื—ื‘ืจืช REE ื”ื™ืฉืจืืœื™ืช ืžืคื˜ืจืช 31 ืขื•ื‘ื“ื™ื - 11% ืžื›ื•ื— ื”ืื“ื ืฉืœื”", TheMarker
  17. โ†‘ "Truck Tech Live from ACT Expo in Anaheim", YouTube, FreightWaves, 59 minutes into the video, May 4, 2023
  18. โ†‘ 18.0 18.1 Andrew Wade (September 2021), "A platform for success", Eureka, Mark Allen Group, vol. 41 no. 9, pp. 14โ€“15
  19. โ†‘ "REE Automotive opens UK engineering centre", Automotive Manufacturing Solutions, February 16, 2021
  20. โ†‘ 20.0 20.1 "REE Plans Integrated Assembly Strategy", Assembly Magazine, July 7, 2022
  21. โ†‘ REE Automotive (May 17, 2022), First Quarter 2022 Financial Results
  22. โ†‘ ืชื•ืžืจ ื”ื“ืจ (August 23, 2022), "ื”ืขื ืงื™ื•ืช ื”ืชืขื•ืจืจื•, ื•ื”ื™ืฆืจื ื™ื•ืช ื”ืงื˜ื ื•ืช ืฉืœ ืจื›ื‘ื™ื ืžืกื—ืจื™ื™ื ื—ืฉืžืœื™ื™ื ื‘ืฆืจื•ืช", ื›ืœื›ืœื™ืกื˜
  23. โ†‘ 23.0 23.1 Nick Carey; Lisa Baertlein; Ben Klayman (August 9, 2022), "Burning cash, commercial EV startups race to deliver vehicles", Reuters
  24. โ†‘ ืชื•ืžืจ ื”ื“ืจ (August 11, 2022), "ื”ืื ื–ื” ืžื” ืฉื™ืฆื™ืœ ืืช ื”ืžื ื™ื”? REE ื—ื•ืฉืคืช ืื‘ ื˜ื™ืคื•ืก ืœืจื›ื‘ ืžืฉืœื•ื—ื™ื", ื›ืœื›ืœื™ืกื˜
  25. โ†‘ Brittany Chang (November 20, 2020), "This modular EV vehicle platform can shift into endless types of vehicles from trucks to tiny delivery vehicles โ€” see how it works", Business Insider
  26. โ†‘ 26.0 26.1 Roger Atkins (October 11, 2022), "REE UK - EV Innovators", YouTube
  27. โ†‘ Trio Motion Technology (November 29, 2022), "Independent steering control system", Controls, Drives, & Automation
  28. โ†‘ Craig Cole (January 24, 2023), "REE Automotive has the EV chassis market 'cornered' thanks to its innovative drivetrain tech", EV Pulse
  29. โ†‘ Scheibert, K., Kostarigka, A., Dannebaum, U., Ambekar, A. et al., "Challenges with the Introduction of X-By-Wire Technologies to Passenger Vehicles and Light Trucks in regards to Functional Safety, Cybersecurity and Availability," SAE Technical Paper 2023-01-0581, 2023, doi: 10.4271/2023-01-0581.
  30. โ†‘ 30.0 30.1 Sagar Parikh (May 6, 2021), "Israel's REE not considering passenger electric cars before 2025", ElectricVehicleWeb
  31. โ†‘ 31.0 31.1 Greg Gardner (April 27, 2021), "Hino Motors, Ree Automotive Partner To Bring New Technologies To Commercial Vehicles", Forbes
  32. โ†‘ 32.0 32.1 Top Gear Philippines (October 29, 2019), "Feature: The Hino FlatFormer Concept is the future of delivery and service", YouTube
  33. โ†‘ 33.0 33.1 Frank Markus (January 27, 2022), "3 Cool New Electric Motor Technologies From CES 2022", MotorTrend
  34. โ†‘ Louise Cullen (February 1, 2023), "Driverless bus coming to Belfast Harbour Estate", BBC News
  35. โ†‘ REE Automotive (2023), P7 EV platform specifications (PDF)
  36. โ†‘ REE Automotive (2022), P7-B box truck specifications (PDF)
  37. โ†‘ REE Automotive (2023), P7-C specifications (PDF)
  38. โ†‘ REE Automotive (2022), Proxima specifications (PDF)
  39. โ†‘ Scooter Doll (July 25, 2022), "EAVX, Morgan Olson, and REE Automotive share live demonstrations of Proxima electric van", electrek
  40. โ†‘ Alan Adler (July 29, 2022), "Truck Tech: Cutting corners edition", FreightWaves
  41. โ†‘ Scooter Doll (August 11, 2022), "REE Automotive unveils Class 3 box truck powered by its P7 electric chassis and REEcorners", elektrek
  42. โ†‘ "REE Automotive unveils P7-C Chassis Cab; new addition to P7 electric truck lineup", Green Car Congress, May 2, 2023
  43. โ†‘ Mike Oakes (March 14, 2023), "REEvisiting with REE Automotive plus the Rebadged Mullen Class 3 truck - Work Truck Week", Munro Live
  44. โ†‘ 44.0 44.1 Craig Cole (March 11, 2023), "REE's Modular EV Chassis Could Corner the Market - 2023 Work Truck Week", EV Pulse
  45. โ†‘ REE Automotive (March 16, 2023), 4Q22 Shareholders Letter
  46. โ†‘ Justin Sayers (May 16, 2022), "REE Automotive's UK electric vehicle factory offers glimpse of what it'll do in Pflugerville", Austin Business Journal


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