REE Automotive and Hino Motors have joined hands to design and produce solutions for the next generation of commercial mobility. Hino Motors which is owned by Toyota has deep experience in the manufacturing of commercial vehicles while REE Automotive specialises in electric powertrains with its proprietary REEcorner technologies. It also specialises in the manufacturing of modular EV platforms for B2B transactions. This partnership comes on the back of a SPAC merger with the 10X Capital Venture Acquisition Corp generating $500 million in gross proceeds. It also announced a collaboration with Magna which will allow the two to make modular EVs and bring them to market with a "Powered By REE" branding.
Hino Motors is owned by Toyota
"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," the two companies said in a press statement.
Hino Motors and REE Automotive started their initial collaboration in 2019 when they developed the FlatFormer concept with a goal to commercialise the project.
"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 harmonise with future society," he added.
"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 fulfil 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.
FlatFormer was a combination of the REE modular platform and was designed to carry a customisable Mobility Service Module on top. It could carry anything from passengers, deliveries, goods or even operate as a business on wheels. It can also be detached from the EV platform and be used as a standalone unit.
This solution has the potential to provide a unique offering - mobility as a service. The next goal for the two will be to develop hardware prototypes by the end of 2022 and also evaluate business models and seek further feedback from potential customers.
After investors intervened, Toyota seemingly has accelerated its investments towards electric cars and self-driving technology. Akio Toyoda, Toyota's CEO has been famously vocal against electrification efforts but that's now changing because of investors. It has also now absorbed Lyft's self-driving unit via its Woven subsidiary.
