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REE Automotive
REE Automotive, Ltd. is an automotive software developer. The company previously attempted to manufacture electric vehicles, before pivoting in 2025 to software development exclusively. Before shuttering vehicle development and sales, the company operated an engineering and manufacturing center in the United Kingdom, and based its final vehicle assembly, sales, and customer service operations in the United States. REE software development was based in Israel.
REE Automotive planned in 2024 to sell truck fleets to rental companies such as Penske and U-Haul, provide its corner modules to truck manufacturers such as Hino, and sell trucks to various fleet operators through its distributor network. The company expected in early 2025 to start deliveries of scale-production vehicles in the first half of 2025, deliver several hundreds of vehicles in the second half of 2025, and ramp up production to the thousands of vehicles in 2026. The company announced in May 2025 that it has paused its production plans and will focus instead on their software offerings to OEMs and technology companies. Production was halted after REE couldn't secure major automaker partners or large institutional buyers.
Before changing its name to REE Automotive, the company was called SoftWheel. SoftWheel was founded in 2011 by Gilad Woolf. Woolf engaged the services of Amihai Gros and the services of Ahishai Sardes of Ziv Av Engineering, who developed a wheelchair wheel with an embedded suspension system. Daniel Barel joined as CEO in 2013 after learning of the company through Gros. In 2014 SoftWheel raised three million dollars in an effort to enter the electric bicycle market with its in-wheel selective suspension system, which is stiff while riding on level surfaces, and becomes shock-absorbent upon impacts. The wheels retailed at $1800 a pair.
Faced with its investors potentially pulling funding and shutting down the company, SoftWheel began developing in-wheel shock absorbers for bicycles, motorcycles, and automobiles. By mid-2017, the company planned to manufacture products for bicycles and develop a product for automobiles, raising a total of 15 million USD, with plans for two more assembly lines in addition to its existing ones for wheelchair wheels in Israel and the United States. The company raised an additional $25 million in 2018 in an effort to pivot its business to the automotive market, for a total of $40 million, partly from investors in the automotive industry such as Mitsubishi and Musashi Seimitsu.
Daniel Barel announced the company's new name, REE, at the EcoMotion convention in June 2019, where he unveiled an automotive platform for autonomous delivery vehicles. The name-change signifies "reinventing" the car by discarding the mechanical connections between the wheels in favor of electronic by-wire control.
The company expected to raise 436 million USD through a special-purpose acquisition company merger with 10X Capital Venture Acquisition Corp, of which $200 million were expected from 10X Capital investors. Three-quarters of the 10X Capital shares were redeemed by investors upon the merger, reducing the raised capital by about $153 million. A total of $285 million were raised by the company when going public on NASDAQ on July 23, 2021, resulting in about $318 million in cash on-hand, and a valuation of about three billion dollars. The CEO said that while vertical automotive companies require 20 billion dollars or more to develop their supply chain and manufacturing capabilities, the company is set to achieve serial manufacturing and commercialization of its first product line through its horizontal business alliances using its $300 million in cash.
Following the merger, REE Automotive's valuation dropped significantly, reaching a low of about $40 million in September 2024. The company had no substantial revenue by February 2023, when it laid-off 31 employees which were approximately 11% of its workforce. The company expected in May 2023 that its cash runway will finance its operations past its test fleet deliveries and into the scaling-up of its business.
After beginning test-vehicle production in 2023, the company raised $24 million and planned to raise a further $10 million in working capital for production in 2024 and for tooling for its full-scale production in the United States in 2025, alongside a 25% reduction in its cash burn rate in 2023 and a further planned 25% reduction in 2024. The company revised its production plans in 2024, choosing to utilize the contract manufacturing services of Roush Industries and the supply-chain services of Samvardhana Motherson, reducing its cash burn rate while pushing the start of production to the fourth quarter of 2024 and the start of customer deliveries of scale-produced vehicles to the first half of 2025. The company entered an agreement in September 2024 with Motherson, which became its exclusive supply chain expansion and management partner, and shared commercial operations partner. Motherson invested $45 million in REE Automotive which the company intends to use as working capital for full-scale production in 2025.
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REE Automotive
REE Automotive, Ltd. is an automotive software developer. The company previously attempted to manufacture electric vehicles, before pivoting in 2025 to software development exclusively. Before shuttering vehicle development and sales, the company operated an engineering and manufacturing center in the United Kingdom, and based its final vehicle assembly, sales, and customer service operations in the United States. REE software development was based in Israel.
REE Automotive planned in 2024 to sell truck fleets to rental companies such as Penske and U-Haul, provide its corner modules to truck manufacturers such as Hino, and sell trucks to various fleet operators through its distributor network. The company expected in early 2025 to start deliveries of scale-production vehicles in the first half of 2025, deliver several hundreds of vehicles in the second half of 2025, and ramp up production to the thousands of vehicles in 2026. The company announced in May 2025 that it has paused its production plans and will focus instead on their software offerings to OEMs and technology companies. Production was halted after REE couldn't secure major automaker partners or large institutional buyers.
Before changing its name to REE Automotive, the company was called SoftWheel. SoftWheel was founded in 2011 by Gilad Woolf. Woolf engaged the services of Amihai Gros and the services of Ahishai Sardes of Ziv Av Engineering, who developed a wheelchair wheel with an embedded suspension system. Daniel Barel joined as CEO in 2013 after learning of the company through Gros. In 2014 SoftWheel raised three million dollars in an effort to enter the electric bicycle market with its in-wheel selective suspension system, which is stiff while riding on level surfaces, and becomes shock-absorbent upon impacts. The wheels retailed at $1800 a pair.
Faced with its investors potentially pulling funding and shutting down the company, SoftWheel began developing in-wheel shock absorbers for bicycles, motorcycles, and automobiles. By mid-2017, the company planned to manufacture products for bicycles and develop a product for automobiles, raising a total of 15 million USD, with plans for two more assembly lines in addition to its existing ones for wheelchair wheels in Israel and the United States. The company raised an additional $25 million in 2018 in an effort to pivot its business to the automotive market, for a total of $40 million, partly from investors in the automotive industry such as Mitsubishi and Musashi Seimitsu.
Daniel Barel announced the company's new name, REE, at the EcoMotion convention in June 2019, where he unveiled an automotive platform for autonomous delivery vehicles. The name-change signifies "reinventing" the car by discarding the mechanical connections between the wheels in favor of electronic by-wire control.
The company expected to raise 436 million USD through a special-purpose acquisition company merger with 10X Capital Venture Acquisition Corp, of which $200 million were expected from 10X Capital investors. Three-quarters of the 10X Capital shares were redeemed by investors upon the merger, reducing the raised capital by about $153 million. A total of $285 million were raised by the company when going public on NASDAQ on July 23, 2021, resulting in about $318 million in cash on-hand, and a valuation of about three billion dollars. The CEO said that while vertical automotive companies require 20 billion dollars or more to develop their supply chain and manufacturing capabilities, the company is set to achieve serial manufacturing and commercialization of its first product line through its horizontal business alliances using its $300 million in cash.
Following the merger, REE Automotive's valuation dropped significantly, reaching a low of about $40 million in September 2024. The company had no substantial revenue by February 2023, when it laid-off 31 employees which were approximately 11% of its workforce. The company expected in May 2023 that its cash runway will finance its operations past its test fleet deliveries and into the scaling-up of its business.
After beginning test-vehicle production in 2023, the company raised $24 million and planned to raise a further $10 million in working capital for production in 2024 and for tooling for its full-scale production in the United States in 2025, alongside a 25% reduction in its cash burn rate in 2023 and a further planned 25% reduction in 2024. The company revised its production plans in 2024, choosing to utilize the contract manufacturing services of Roush Industries and the supply-chain services of Samvardhana Motherson, reducing its cash burn rate while pushing the start of production to the fourth quarter of 2024 and the start of customer deliveries of scale-produced vehicles to the first half of 2025. The company entered an agreement in September 2024 with Motherson, which became its exclusive supply chain expansion and management partner, and shared commercial operations partner. Motherson invested $45 million in REE Automotive which the company intends to use as working capital for full-scale production in 2025.
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