AsiaNet 84767

TEL AVIV, Israel, July 14, 2020 /PRNewswire=KYODO JBN/--

REE Automotive (REE), the electric platform leader reinventing e-Mobility, has

won the 2020 BloombergNEF (BNEF) Pioneer award. REE has been named as one of

ten game-changing companies by Bloomberg - the global business and financial

information news leader - for its breakthrough EV platform, which is completely

flat, scalable and modular and offers customers full design freedom to create

the broadest range of EV and autonomous vehicles for current and future use.

REE's new platform approach, together with its exclusive network of Tier 1

partners, provides access to hundreds of production lines. All of which means

that REE is playing a defining role in leading the transition to a low carbon

economy.

Industry experts selected ten BNEF Pioneer winners from a pool of global

applicants for the prestigious BNEF awards, which is now in its eleventh year.

Candidates were scrutinised against three demanding criteria: the potential to

scale the opportunity; the level of innovation of the technology or business

model and the novelty it brings to the market; and momentum as demonstrated by

strong commercial development.

Michael Wilshire, Selection Committee Chair and Head of Strategy at

BloombergNEF, said: "REE is literally reinventing the wheel with its

revolutionary approach, putting intelligence and drive inside [the arch of]

each of the four wheels of a chassis to create a new, flexible and modular

electric platform, which gives customers complete design freedom to build their

vehicles."

Daniel Barel, CEO and Co-Founder of REE, said: "We are delighted to be named as

a 2020 BNEF Pioneer. Featuring revolutionary wheel corner modules and chassis

design, the REE platform enables EVs that are space optimized, autonomous ready

and faster to develop, while providing customers with the freedom to design the

vehicle they need in a flexible, cost-effective way. We are honoured to be

recognised by the BNEF experts for our innovative approach and production-ready

e-Mobility technology."

Bringing a disruptive approach to automotive legacy design, REE's patented

REEcorner modules integrate all drivetrain, powertrain, suspension and steering

components into the arch of the wheel – a pioneering by-wire control system

that carries a totally flat, autonomous-ready EV platform, designed to fulfil

existing and future e-mobility applications. Main benefits are increased space,

total body design freedom and greatly reduced total cost of ownership (TCO).

For example, each REEcorner can be replaced in less than an hour, significantly

minimizing vehicle downtime.

With the global EV market projected to reach $803bn in 2027 from $162bn in

2019*, REE is poised to play a leading role in the transformation of the

automotive industry. The company has signed commercial orders to drive its

technology to market and has established an extensive global and exclusive

strategic network of partners with leading Tier 1 automotive suppliers.

About REE Automotive: Next Generation EV platform - Ready to carry the future

of e-Mobility

REE Automotive is an electric platform leader reinventing e-mobility.

Unrestricted by legacy thinking, REE has developed the next generation EV

platform which is completely flat, scalable and modular, providing customers

with full design freedom to create the broadest range of EV and autonomous

vehicles for current and future applications, including last mile delivery,

MaaS, light to heavy duty EV logistics and robo taxis.

The REEcorner integrates all traditional drive components (steering, braking,

suspension, e-motor) into the arch of the wheel and thus carrying the REEboard

- a completely flat and modular electric platform. REE's approach is cost

efficient and offers multiple customer benefits, including vehicle design

freedom, package optimization, increased energy efficiency, faster development

time, ADAS compatibility, reduced maintenance costs and compliance with global

safety standards.

REE is supported by an exclusive network of Tier 1 automotive partners

providing access to hundreds of global production lines, effectively making REE

the next generation EV platform ready to carry the future of e-Mobility.

For more information visit www.ree.auto.  

*Source: https://www.alliedmarketresearch.com/electric-vehicle-market

About BloombergNEF

BloombergNEF (BNEF) is a leading provider of primary research on clean energy,

advanced transport, digital industry, innovative materials, and commodities.

With a team of experts spread across six continents, BNEF leverages the world's

most sophisticated data sets to create clear perspectives and in-depth

forecasts that frame the financial, economic and policy implications of

industry-transforming trends and technologies. Available online, on mobile and

on the Terminal, BNEF is powered by Bloomberg's global network of 19,000

employees in 176 locations, reporting 5,000 news stories a day. Visit

https://about.bnef.com/ or request more information

[https://about.bnef.com/contact/ ].

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SOURCE: REE Automotive