Ree Automotive signs MOU for software-define technology

REE Automotive (REE) entered into a non-binding memorandum of understanding, MOU, with a global technology company developing and marketing new mobility solutions for passenger and freight transport. The MOU outlines the companies’ intent to develop and produce multiple thousands of autonomous-driving vehicles based on REE’s existing P7 platform. The parties intend to sign a strategic collaboration agreement by year-end 2025. It is estimated that the agreement will generate up to $770 million in potential revenues over the next five years. Through this collaboration, the companies plan to lead the global autonomous transportation market by integrating next-generation software-defined electrical architecture and best-in-class software technology. The potential collaboration aims to leverage REE’s Federal Motor Vehicle Safety Standards, FMVSS, certified P7 platform and its Unified Architecture of ultra-high-performance System on Chip designed for real-time complex decision making on vehicle dynamics, safety, energy management, redundancy and autonomy. The Powered by REE architecture and software technology stack should enable fast time to market with expected launch of the first production vehicles as early as 2027.