Israel's REE Automotive to develop new EV propulsion system with US-based agency

This year REE went public through a merger with blank-check company 10X Capital Venture Acquisition Corp in a deal that valued at around $3.6 billion.
By : Reuters
| Updated on: 07 May 2021, 18:07 PM
REE Automotive CEO Daniel Barel seen standing on one of the three next-gen EV platforms on track.
REE Automotive CEO Daniel Barel seen standing on one of the three next-gen EV platforms on track.
REE Automotive CEO Daniel Barel seen standing on one of the three next-gen EV platforms on track.
REE Automotive CEO Daniel Barel seen standing on one of the three next-gen EV platforms on track.

Automobile parts maker American Axle & Manufacturing and Israel's REE Automotive will jointly develop an electric propulsion system to tap accelerating demand for battery-powered vehicles, the companies said on Friday.

The propulsion system, which powers automotive vehicles, will incorporate American Axle's electric drive units into Ree's technology that integrates all the traditional vehicle chassis components into the arch of the wheel.

Similar Cars

Find More Cars
Hyundai Kona Electric (HT Auto photo)
Hyundai Kona Electric
cc | Electric | Automatic
₹23.79 - 23.98 Lakhs**Ex-showroom price
Tata Tigor Ev (HT Auto photo)
Tata Tigor Ev
Electric | Automatic
₹11.99 - 13.14 Lakhs**Ex-showroom price
Tata Altroz Ev (HT Auto photo)
UPCOMING
Tata Altroz Ev
 
₹12 - 15 Lakhs* *Expected Price
Tata Nexon Ev (HT Auto photo)
Tata Nexon Ev
Electric | Automatic
₹13.99 - 16.85 Lakhs**Ex-showroom price
Tata Nexon Ev Max (HT Auto photo)
Tata Nexon Ev Max
Electric | Automatic
₹17.74 - 19.24 Lakhs**Ex-showroom price
Mg Zs Ev (HT Auto photo)
Mg Zs Ev
Electric | Automatic
₹21 - 24.68 Lakhs**Ex-showroom price

(Also read: Magna to build modular electric vehicle with Israeli startup REE)

The electric drive units will be developed by American Axle in Detroit and prototypes will be delivered by the end of the year. Further terms of the deal were not disclosed.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

"This agreement to provide electric drive technology ... is an important step in growing AAM's electric propulsion business," said American Axle Chief Executive Officer David Dauch.

Earlier this year, REE agreed to go public through a merger with blank-check company 10X Capital Venture Acquisition Corp in a deal that valued the electric-vehicle technology startup at around $3.6 billion.

Investors in the transaction included Mahindra and Mahindra and auto supplier Magna International.

Separately, American Axle said it will receive $5 million in funding from the U.S. Department of Energy to advance the development of its electric drive technology.

First Published Date: 07 May 2021, 18:07 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city