Hino Motors and REE Automotive Sign Business Alliance Agreement
TEL AVIV, Israel, April 27, 2021 --
- To realize and bring to market their shared vision of "providing new value to society through next-generation commercial mobility"
- The Alliance to combine Hino's knowledge and technologies as a commercial vehicle manufacturer closely attuned to customer needs with REE's innovative and highly competitive proprietary REEcorner™ EV technologies
- Assess business models for the co-creation of next generation electric mobility solutions to enhance new social value, promoting the use of mobility-driven data
- Companies aim to develop hardware prototypes by 2022
Hino Motors Co., Ltd. (Hino), a subsidiary of Toyota Motor Corporation, and REE Automotive Ltd. (REE), an innovator in e-mobility, today announced the signing of a strategic business alliance agreement to realize their shared vision of "providing new value to society through next-generation commercial mobility."
With the backdrop of advancements in CASE - Connected, Autonomous, Shared and Electric vehicles, the automotive industry is entering a major transformation phase. Hino and REE envision beyond this transformation a future in which commercial vehicles that support the movement of people and goods will evolve into mobility that provides new value and opportunities for society. Hino and REE next-generation electric commercial mobility solutions are geared to improve quality of life on a global scale by lowering carbon emissions, minimizing strain on infrastructure, reducing congestion and allowing companies to better allocate resources. The two companies will combine their advantages to realize this vision – Hino's knowledge and technologies as a commercial vehicle manufacturer closely attuned to customer needs with REE's innovative and highly competitive proprietary REEcornerTM EV technologies – and take on initiatives to create new value through next-generation commercial mobility solutions.
The next-generation commercial mobility solution to be jointly developed by Hino and REE will be comprised of a modular platform (Powered by REE) that will carry a customized Mobility Service Module on top. The Mobility Service Module - which will carry passengers, goods and deliver services – would address a wide variety of current and future applications aligned with customer requirements, aimed to provide new value to society, and will be enhanced with data-driven services. In addition, the Mobility Service Module can be easily detached from the EV platform and once detached it can serve as an independent, stand-alone unit - making services and goods easily accessible to society, leaving the platform to be operated separately and continue on its next mission. This will not only be applied toward Mobility-as-a-Service (MaaS) and delivery segments but this modular design could also offer solutions for completely new applications. Leveraging the REEcornerTM modules, the flat chassis and the detachable Mobility Service Module will meet the diverse needs of consumers while contributing to more efficient utilization of customers' business resources. The specialized EV chassis to be jointly developed by Hino and REE will leverage proprietary REEcorner TM technology, which packs critical vehicle components into a single system positioned between the wheel and the chassis.
The solution will boast a low-floor, full-flat design that flexibly meets customer needs and also supports autonomous driving. The modular platform provides expandability, and the Mobility Service Module is designed with customer co-creation in mind.
The companies will first work to develop hardware prototypes by FY 2022, while evaluating business models, engaging potential customers, and conducting demonstrations in parallel.
"The starting point of this collaboration is the FlatFormer concept we showcased at the 2019 Tokyo Motor Show," said Hino CEO Yoshio Shimo. "It received an excellent response, and I am delighted to see this FlatFormer concept come closer to reality. REE is a visionary company, and I am confident that this business alliance will become a driving force for Hino as we take on the challenge of generating new value in commercial mobility to harmonize with future society."
"The FlatFormer unveiling at the 2019 Tokyo Motor Show proved to be a turning point in future electric mobility and set the stage for this exciting alliance with the visionary team at Hino. We see this alliance as a unique opportunity to fulfill our shared mission of improving quality of life for people around the world by developing and bringing to market revolutionary next generation EVs," said Daniel Barel, Co-Founder and CEO of REE.
Going forward, both companies will further evaluate opportunities of working with like-minded partners with the goal of creating new value for society.
About Hino Motors
Hino Motors, Ltd. is a Toyota Group company selling trucks and buses in more than 80 countries in 2020. Number of employees totals 35,000 globally, and produces vehicles in over 20 countries including the 4 major plants in Japan. Hino slogan is "Trucks and buses that do more". To put "Trucks and buses that do more" into practice, Hino will provide "appropriate products with safety and environment technologies", "ultimately customized total support for customers", and "challenge new fields".
Manager Corporate Communications Group
Public Affairs Division
About REE Automotive
REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles. REE's mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle for any application and any target market. Our revolutionary, award-winning REEcorner™ technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry's flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light manufacturing model that leverages its Tier 1 partners' existing production lines. REE's technology, together with their unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility. For more information visit https://www.ree.auto.
Chief Marketing Officer
E: [email protected]
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SOURCE REE Automotive