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REE Automotive Ltd. (NASDAQ:REE) jumped 16.3% in early trading after attracting a $45.4 million investment from a major supplier to the automotive industry with long-standing relationships with global OEMs such as Mercedes-Benz (OTCPK:MBGAF), Audi, Volkswagen (OTCPK:VLKAF), Suzuki Motor (OTCPK:SZKMY), BMW (OTCPK:BMWYY), Porsche, General Motors (GM), Ford Motor (F), Stellantis (STLA), Daimler Trucks, Paccar (PCAR) and John Deere (DE).
The deal will see Motherson manage the sourcing and supply chain of all production parts and support the assembly of the REEcorner and REE P7 electric trucks, which were highlighted to be the first full by-wire, software-driven certified medium duty electric truck available on the market today.
Looking ahead, Israel-based REE Automotive (REE) aims to expedite production to meet growing demand and anticipated fleet orders from significant multinational customers
CEO update: “Motherson’s global footprint and manufacturing prowess combines perfectly with REE’s technology and innovation mindset. This combination will benefit our customers and investors alike, by pushing forward the transition towards electrification and carbon neutrality. We are proud to join forces with Motherson and looking forward to learning from their incredible story and amazing culture.”
Shares of REE Automotive(REE) rallied 18.8% in early trading on Monday, which erased last Friday’s day decline. REE was the biggest gainer in the broad automobile sector in early action. The EV stock still trades on the lower end of the 52-week range of $2.30 to $8.43.
