What's Happening With Ree Automotive?
REE Automotive (REE) today announced the opening of its U.S. headquarters in Austin, Texas so as to satisfy the increasing demand for mission-specific EVs in the United States. Shares of the company were trading lower -7.32% to $10.00 a share on Friday.
What Does This Mean For REE Automotive?
It's U.S. headquarters aims to to capitalize on the explosive demand for EV. The company anticipates creating more than 150 jobs in the region in the next few years, with an annual capacity of U.S. Integration Center to be 40,000 modular EV platforms by H2 2022. The new Integration Center will offer REE’s technology to its existing and future automotive partners in North America, allowing production of REE powered modular EVs.
"Establishing our U.S. headquarters in Austin, Texas best positions us for growth and rapid expansion,” said Daniel Barel, REE’s Co-Founder and CEO. Adding, "Austin is fast becoming a worldwide home for elite technology professionals. REE needs to continue growing and thriving, and Austin’s dynamism and entrepreneurial spirit definitely fit REE’s culture and values. Our U.S. presence will allow us to capitalize on the incredible opportunities in the U.S. market and put us closer to our North American-based customers and partners, including Magna International and JB Poindexter, as we work together to develop and deliver modular EVs (MEVs™).”
