REE Automotive jumps after highlight plans for commercial production
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REE Automotive (NASDAQ:REE +12.9%) rallies following the corporation announced forward development with its goal of business production.
The organization plans to employ cloud-based mostly robotic assembly strains at its community of digitized manufacturing crops, which include at an integration middle in Coventry, British isles that will serve client desire in Europe. The first focus of the plant will be the P7 electric powered system for business cars these as stroll-in delivery vans, buses, and recreational automobiles. The Coventry internet site will also operate as the blueprint for all long term REE Integration Facilities, with envisioned potential of 10,000 vehicle sets this year.
“The automatic and related abilities at our Coventry web-site are a great foundation for our global functions, as they will allow us to continually good-tune our assembly treatments and fast deploy them to other web sites,” reported Chief Operating Officer Josh Tech.
“Our cloud-primarily based robotic manufacturing process will be the electronic backbone for our assembly lines and give us the neighborhood capacity to control our customer-certain producing operations, even though also allowing us to swiftly share and scale best methods internationally throughout all vegetation,” he included.
In the meantime, the North American Integration Middle in Austin, Texas, is envisioned to double world capacity to 20,000 car or truck sets in 2023 by replicating the hugely automated cloud-dependent architecture of its European sibling.
REE Automotive (REE) still trades on the small stop of its pos-SPAC selection.
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