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REE Automotive Ltd. (NASDAQ:REE) leap 16.3% in early trading after attracting a $45.4 million investment from a major automotive supplier with long-standing relationships with global OEMs including Mercedes-Benz (OTCPK:MBGAF), Audi, Volkswagen (OTCPK:VLKAF)), Suzuki Motor (OTCPK:SZKMY), BMW (OTCPK:BMWYY), Porsche, General Motors (Managing director), Ford Motor (F), Stellantis (STLA), Daimler Trucks, Paccar (PCAR) and John Deere (OF).
The agreement will allow Motherson to manage the sourcing and supply chain for all production parts and support the assembly of the REEcorner and REE P7 electric trucks, which were notable for being the first certified, fully drive-by-wire, software-controlled medium-duty electric trucks available on the market today.
Looking ahead, Israel-based REE Automotive (REE) aims to ramp up production to meet growing demand and anticipated fleet orders from major multinational customers.
CEO Update: “Motherson’s global presence and manufacturing prowess are a perfect match for REE’s innovative and technological mindset. This combination will benefit both our customers and investors by driving the transition to electrification and carbon neutrality. We are proud to join forces with Motherson and look forward to learning from their incredible history and amazing culture.”
REE Automotive (REE) shares rose 18.8% in early trading on Monday, erasing last Friday’s day-long decline. REE was the biggest gainer in the broad auto sector in early trading. The EV stock is still trading at the lower end of the 52-week range of $2.30 to $8.43.
