Magna International teams up with REE Automotive
Canadian-owned Magna International is going to develop a modular electric vehicle with an Israeli startup, REE Automotive. Both companies will jointly design, engineer and build the electric vehicle starting with a platform created by REE. For the moment being, the location of the plant and the schedule of production were not announced, neither were the financial terms. The startup has signed agreement orders for some 260,000 vehicles.
Magna, already known as a potential partner for a self-driving car from Apple, also makes vehicles under contract for BMW and Jaguar Land Rover. It will also soon build the electric Ocean SUV with Fisker in one of its plants in Graz, Austria, by the end of 2022. Last year, in a joint venture with Korea’s LG Electronics, it began making EV powertrains. Magna actually produces everything automotive from chassis and car seats to sensors and software.