Benzinga | Jul 13, 2021 05:15PM EDT

REE Automotive Announces Strategic Collaboration With EAVX: What You Need To Know

REE Automotive announced Tuesday it has struck an agreement for a strategic collaboration with JB Poindexter & Co.'s newest business unit EAVX for the purpose of developing commercial electric vehicles.

Why It Matters: JB Poindexter gives REE Automotive a partnership with a company that works with business giants, including AT&T (NYSE:T), Verizon (NYSE:VZ) and FedEx (NYSE:FDX).

This further showcases REE Automotive's commitment to developing electric vehicles, as this marks its ninth partnership with a major company, far outproducing rivals, the company said. The company now has a global footprint in the United States, Israel, United Kingdom, Germany and Japan.

REE has also revamped its website with a highly unique configurator. Through this mechanism, users are able to customize an electric vehicle specific to their taste, whether it be if it is designed for cargo or people, how fast it can travel, the size and much more.

What's Next: With a $700-billion addressable market, REE has expressed major positive sentiment regarding a future in which it does not try to become the next Tesla (NASDAQ:TSLA), but instead the first REE Automotive.

REE previously had entered into an agreement to go public via the special acquisition purpose corporation 10X Capital Venture Acquisition Corp (NASDAQ:VCVC).

REE will trade on NASDAQ under the ticker REE.