- Canadian auto supplier and contract manufacturer Magna International Inc MGA jumps the electric vehicle (EV) bandwagon by devising a modular EV with Israeli EV and battery-related start-up REE Automotive, Bloomberg reports.
- The production location, timeline, and financial terms were not disclosed. The companies have proposed to split any future revenue.
- REE inked close to 260,000 vehicle order agreements.
- Magna is credited for contractual car manufacturing with Bayerische Motoren Werke AG BMWYY and Tata Motors Ltd TTM-owned Jaguar Land Rover. Magna is expected to become Apple Inc’s AAPL autonomous driving partner. Last year, Magna partnered with Korea’s LG Electronics Inc LGEIY LGEJY to manufacture EV powertrains.
- Magna partnered with Fisker Inc FSR in Oct. to manufacture an electric Ocean SUV in a Magna plant in Graz, Austria. The project is estimated to commence in late 2022. Magna was also building Beijing Automotive Group Co’s ArcFox Alpha-T.
- The Magna stock has jumped 70% since its Fisker partnership announcement on Oct. 15.
- REE has agreed to merge with a special purpose acquisition company (SPAC) 10X Capital Venture Acquisition Corp VCVC in Feb. under a deal valued at $3.1 billion. Magna was one of the investors in the private investment in public equity (PIPE) deal.
- In August, REE forged a partnership with India’s Mahindra & Mahindra to develop electric commercial vehicles.
- Price action: MGA shares are trading higher by 0.25% at $89.72 in the premarket session on the last check Monday.
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