Canadian auto supplier Magna International and Israeli start-up REE are set to develop and manufacture 260,000 modular electric vehicles (EVs).
The companies haven’t disclosed the location or production schedule but said that they would “split” the revenue from this joint venture. Daniel Barel, REE’s chief executive officer, told the media on Monday that EVs can be built to the exact specifications of automakers.
Magna is a contract manufacturer that outsources car manufacturing and assembly for various brands. It expects to produce 15.9 million units this year, according to its outlook.