SPACS drive automotive sector dealmaking uphill | White & Case LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
AAM and REE to jointly develop new electric propulsion system
DETROIT, 15 days ago American Axle & Manufacturing (AAM), a leading global Tier 1 automotive supplier of driveline and metal forming technologies, and REE Automotive, a leader in e-Mobility, 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, 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 REEcornerTM technology that enables a fully-flat EV chassis for multiple commercial vehicle applications
By Reuters Staff
2 Min Read
FILE PHOTO: Employees leave American Axle & Manufacturing (AAM) plant, an automotive supplier to GM, in Silao, Mexico October 9, 2019. REUTERS/Sergio Maldonado
(Reuters) -Automobile parts maker American Axle & Manufacturing and Israel’s REE Automotive will jointly develop an electric propulsion system to tap accelerating demand for battery-powered vehicles, the companies said on Friday.
The propulsion system, which powers automotive vehicles, will incorporate American Axle’s electric drive units into Ree’s technology that integrates all the traditional vehicle chassis components into the arch of the wheel.
The electric drive units will be developed by American Axle in Detroit and prototypes will be delivered by the end of the year. Further terms of the deal were not disclosed.
Share this article
Share this article
DETROIT and TEL AVIV, Israel, May 7, 2021 /PRNewswire/ 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.
AAM and REE Automotive to Jointly Develop New Electric Propulsion System for e-Mobility
American Axle, REE Partner To Develop Module For Electric Vehicles forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.