American Axle, Israel's REE to develop electric-vehicle propulsion system

Reuters

May 07, 2021

May 7 (Reuters) - Automobile parts maker American Axle & Manufacturing and Israel's REE Automotive will jointly develop an electric propulsion system to tap accelerating demand for battery-powered vehicles, the companies said on Friday.

The propulsion system, which powers automotive vehicles, will incorporate American Axle's electric drive units into Ree's technology that integrates all the traditional vehicle chassis components into the arch of the wheel.

The electric drive units will be developed by American Axle in Detroit and prototypes will be delivered by the end of the year. Further terms of the deal were not disclosed.

"This agreement to provide electric drive technology ... is an important step in growing AAM's electric propulsion business," said American Axle Chief Executive Officer David Dauch.

Earlier this year, REE agreed to go public through a merger with blank-check company 10X Capital Venture Acquisition Corp

in a deal that valued the electric-vehicle technology startup at around $3.6 billion.

Investors in the transaction included Mahindra and Mahindra

and auto supplier Magna International .

(Reporting by Shreyasee Raj in Bengaluru; Editing by Devika Syamnath)

((Shreyasee.Raj@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2133450472"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2133450472\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2133450472?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2021-05-07 19:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2133450472","market":"us","top_or_hot":-1,"title":"American Axle, Israel's REE to develop electric-vehicle propulsion system","media":"Reuters","content":"<html><body><p>May 7 (Reuters) - Automobile parts maker American Axle &amp; Manufacturing    and Israel's REE Automotive will jointly develop an electric propulsion system to tap accelerating demand for battery-powered vehicles, the companies said on Friday.</p><p>   The propulsion system, which powers automotive vehicles, will incorporate American Axle's electric drive units into Ree's technology that integrates all the traditional vehicle chassis components into the arch of the wheel.</p><p>   The electric drive units will be developed by American Axle in Detroit and prototypes will be delivered by the end of the year. Further terms of the deal were not disclosed.</p><p>   \"This agreement to provide electric drive technology ... is an important step in growing AAM's electric propulsion business,\" said American Axle Chief Executive Officer David Dauch.</p><p>   Earlier this year, REE agreed to go public through a merger with blank-check company <a href=\"https://laohu8.com/S/VCVC\">10X Capital Venture Acquisition Corp</a></p><p>  in a deal that valued the electric-vehicle technology startup at around $3.6 billion.  </p><p>   Investors in the transaction included Mahindra and Mahindra</p><p>  and auto supplier Magna International   .</p><p> (Reporting by Shreyasee Raj in Bengaluru; Editing by Devika Syamnath)</p><p>((Shreyasee.Raj@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>American Axle, Israel's REE to develop electric-vehicle propulsion system</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmerican Axle, Israel's REE to develop electric-vehicle propulsion system\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-07 19:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>May 7 (Reuters) - Automobile parts maker American Axle &amp; Manufacturing    and Israel's REE Automotive will jointly develop an electric propulsion system to tap accelerating demand for battery-powered vehicles, the companies said on Friday.</p><p>   The propulsion system, which powers automotive vehicles, will incorporate American Axle's electric drive units into Ree's technology that integrates all the traditional vehicle chassis components into the arch of the wheel.</p><p>   The electric drive units will be developed by American Axle in Detroit and prototypes will be delivered by the end of the year. Further terms of the deal were not disclosed.</p><p>   \"This agreement to provide electric drive technology ... is an important step in growing AAM's electric propulsion business,\" said American Axle Chief Executive Officer David Dauch.</p><p>   Earlier this year, REE agreed to go public through a merger with blank-check company <a href=\"https://laohu8.com/S/VCVC\">10X Capital Venture Acquisition Corp</a></p><p>  in a deal that valued the electric-vehicle technology startup at around $3.6 billion.  </p><p>   Investors in the transaction included Mahindra and Mahindra</p><p>  and auto supplier Magna International   .</p><p> (Reporting by Shreyasee Raj in Bengaluru; Editing by Devika Syamnath)</p><p>((Shreyasee.Raj@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AFG","symbol_name":"美国金融集团有限公司","start_time":0,"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2133450472","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2133450472","pubTimestamp":1620387000,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"May 7 (Reuters) - Automobile parts maker American Axle & Manufacturing    and Israel's REE Automotiv","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"AFG":"美国金融集团有限公司"},"translate_title":"美国运通车桥公司将开发电动汽车推进系统","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AFG":1,"VCVC":0.9,"AXL":0.9,"AMSWA":1},"content_text":"May 7 (Reuters) - Automobile parts maker American Axle & Manufacturing    and Israel's REE Automotive will jointly develop an electric propulsion system to tap accelerating demand for battery-powered vehicles, the companies said on Friday.   The propulsion system, which powers automotive vehicles, will incorporate American Axle's electric drive units into Ree's technology that integrates all the traditional vehicle chassis components into the arch of the wheel.   The electric drive units will be developed by American Axle in Detroit and prototypes will be delivered by the end of the year. Further terms of the deal were not disclosed.   \"This agreement to provide electric drive technology ... is an important step in growing AAM's electric propulsion business,\" said American Axle Chief Executive Officer David Dauch.   Earlier this year, REE agreed to go public through a merger with blank-check company 10X Capital Venture Acquisition Corp  in a deal that valued the electric-vehicle technology startup at around $3.6 billion.     Investors in the transaction included Mahindra and Mahindra  and auto supplier Magna International   . (Reporting by Shreyasee Raj in Bengaluru; Editing by Devika Syamnath)((Shreyasee.Raj@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}