Kia and Uber have formalized their collaboration through a memorandum of understanding outlining their intention to utilize Kia's recently unveiled PBV modular electric vehicles for ride-hailing services.
Magna Tells Investors Sales Expected to Jump More Than $11B by 2023
Sales jumping from $32.6 billion in 2020 to over $43 billion in 2021.
Magna CEO Swamy Kotagiri told investors sales would rise by at least $11 billion in the next few years.
Magna International, one of the world’s largest automotive suppliers expects global sales to hit as much as $45.5 billion in 2023, officials told investors this week.
The company said it expects sales to grow to a range of $43 billion to $45.5 billion in 2023, up from $32.6 billion in 2020. Officials expect global light-vehicle production to grow 6% on average per year from 2020 through 2023, while the company’s annual sales will grow 10-12% on average, per year over that time frame, the annual report indicated.
REE Automotive Ltd (REE) announced a strategic collaboration agreement with Magna International to bring to market Modular Electric Vehicles (MEVs) for tech companies and new electric mobility players under the “Powered by REE” brand. The strategic collaboration will explore the combination of REE’s REEcorner technology (earlier post) with Magna’s vehicle.
Monday, 12 April 2021
REE Automotive Ltd (REE), an electric mobility innovator which recently announced its merger with 10X Capital Venture Acquisition Corp. has formed a strategic collaboration with Magna International Inc., a mobility technology company, with the goal of bringing to market innovative, full-fledged Modular Electric Vehicles (MEVs) for tech companies and new electric mobility players under the ‘Powered by REE’ brand. REE EV platform (REE)
The strategic collaboration will explore the combination of REE’s REEcorner™ technology with Magna’s vehicle systems integration expertise and world-class manufacturing capabilities, to develop MEVs that enable commercial customers to customize vehicles based on their specifications and branding, while accelerating time to market.