American Axle & Manufacturing Inc. (AAM) [NYSE: AXL], a leading global Tier 1 automotive supplier of driveline and metal forming technologies, and REE Automotive (“REE”), a leader in e-Mobility, today announced that the companies have agreed to jointly develop an exciting new electric propulsion system for e-Mobility. REE is in the process of merging with 10X Capital Venture Acquisition Corp (“10X SPAC”) (NASDAQ:VCVC), a special purpose acquisition company, to become a publicly listed company.
Next-gen electric drive units
The co-developers intend to leverage AAM’s system integration capabilities and focus on NVH (noise, vibration, and harshness) reduction to incorporate AAM’s lightweight and efficient next-generation electric drive units, which feature fully integrated high-speed motors and inverter technology, into REE’s highly modular and disruptive REEcornerTM technology that enables a fully-flat EV chassis for multiple commercial vehicle applications.
The REEcorner integrates critical vehicle components (steering, braking, suspension, powertrain and control) into the area between the chassis and the wheel to deliver significant functional and economic advantages. The electric drive units will be developed at AAM’s Advanced Technology and Development Center in Detroit with the delivery of prototypes planned by the end of 2021.
“We are very excited to partner with REE to bring new e-Mobility technologies to the market,” said David C. Dauch, AAM Chairman and Chief Executive Officer. “This agreement to provide electric drive technology for use in REEcorners is an important step in growing AAM’s electric propulsion business and expanding the addressable market for AAM’s newest product offerings. We believe that joining forces with an advanced technology company like REE will accelerate AAM on a path to deliver e-Mobility solutions to the market.”
“We are delighted to collaborate with AAM on this groundbreaking concept,” said Daniel Barel, Co-Founder and CEO of REE Automotive. “AAM’s modular drive solutions enhance our product offering with a highly compact form factor that will enable more design freedom and functionality for our future customers. Together with AAM’s extensive knowledge in automotive and their global manufacturing presence, we will be able to push the REEcorner technology even further.”
American Axle & Manufacturing
AAM (NYSE: AXL) delivers POWER that moves the world. As a leading global Tier 1 automotive supplier, AAM designs, engineers and manufactures driveline and metal forming technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. Headquartered in Detroit, AAM has approximately 20,000 associates operating at nearly 80 facilities in 17 countries to support our customers on global and regional platforms with a focus on quality, operational excellence and technology leadership. Their website is www.aam.com.
REE Automotive
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE is in the process of merging with 10X Capital Venture Acquisition Corp (“10X SPAC”) (NASDAQ:VCVC), a special purpose acquisition company, in its process to become a publicly listed. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. REE’s revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the area between the chassis and the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with their unique value proposition and commitment to excellence, positions the company to break new ground in e-Mobility.
Their website is www.ree.auto
