AAM (AXL) and REE Automotive (VCVC) to Jointly Develop New Electric Propulsion System for e-Mobility
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American Axle & Manufacturing Inc. (AAM) [NYSE: AXL], a leading global Tier 1 automotive supplier of driveline and metal forming technologies, and REE Automotive ("REE"), a leader in e-Mobility, today announce that the companies have agreed to jointly develop an exciting new electric propulsion system for e-Mobility. REE is in the process of merging with 10X Capital Venture Acquisition Corp ("10X SPAC") (NASDAQ: VCVC), a special purpose acquisition company, to become a publicly listed company.
Pursuant to the recently signed agreement, the parties intend to leverage AAM's system integration capabilities and focus on NVH (noise, vibration and harshness) reduction to incorporate AAM's lightweight and efficient next generation electric drive units, which feature fully integrated high-speed motors and inverter technology, into REE's highly modular and disruptive REEcorner™ technology that enables a fully-flat EV chassis for multiple commercial vehicle applications. The REEcorner integrates critical vehicle components (steering, braking, suspension, powertrain and control) into the area between the chassis and the wheel to deliver significant functional and economic advantages. The electric drive units will be developed at AAM's Advanced Technology and Development Center in Detroit with delivery of prototypes planned by the end of 2021.
"We are very excited to partner with REE to bring new e-Mobility technologies to the market," said David C. Dauch, AAM Chairman and Chief Executive Officer. "This agreement to provide electric drive technology for use in REEcorners is an important step in growing AAM's electric propulsion business and expanding the addressable market for AAM's newest product offerings. We believe that joining forces with an advanced technology company like REE will accelerate AAM on a path to deliver e-Mobility solutions to the market."
"We are delighted to collaborate with AAM on this groundbreaking concept," said Daniel Barel, Co-Founder and CEO of REE Automotive. "AAM's modular drive solutions enhance our product offering with a highly compact form factor that will enable more design freedom and functionality for our future customers. Together with AAM's extensive knowledge in automotive and their global manufacturing presence, we will be able to push the REEcorner technology even further."
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