What Happened to REE Automotive?

REE Automotive was founded in Israel in 2011 by Daniel Barel and Ahishay Sardes. The company developed a unique "REEcorner" technology that integrated all drivetrain components (motor, steering, braking, suspension) into the wheel arch, enabling a flat skateboard chassis that could support various vehicle configurations.

The company went public via merger with 10X Capital in July 2021. The technology demonstration was impressive, and partnerships with Hino Motors (Toyota's truck subsidiary), Magna International, and others generated excitement.

But converting technology demonstrations into production vehicles proved extremely difficult. Major OEMs were cautious about adopting such a radical redesign of vehicle architecture. REE's planned production at a UK facility faced delays, and customer commitments remained non-binding.

With minimal revenue and mounting losses, REE's stock crashed over 98%. The company attempted to pivot toward commercial delivery vehicles and autonomous vehicle platforms, but without a major production contract, the path forward remained uncertain.