Magna International will develop a modular electric vehicle with Israeli startup REE Automotive, helping the Canadian supplier and contract manufacturer move further into a growing field of EV players.
The companies agreed to jointly design, engineer and build the EV using REE’s platform.
The EVs 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.
“Many big tech companies are very much interested in creating mobility services and solutions that are global, big. But they don’t exist today,” REE CEO Daniel Barel