Ford announced the investment of $500 million into Rivian, forming a strategic partnership with the EV company that will include an all-new battery-electric model based on Rivian’s skateboard platform.
The new partnership comes after talks between Rivian and GM had reportedly collapsed, with the former having already secured a $700 million investment from Amazon.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian founder and CEO. “Ford has a long-standing commitment to sustainability, with Bill Ford being one of the industry’s earliest advocates, and we are excited to use our technology to get more electric vehicles on the road.”
Ford’s latest partnership is part of the previously announced $11 billion EV investment while the new electric vehicle will join the already confirmed Mustang-inspired crossover and the F-150 EV pickup truck.
“As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both,” said Jim Hackett, Ford president and CEO. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
Rivian’s plans include launching two battery electric models that were designed and engineered in-house, starting in late 2020. These models include the five-seat R1T pickup truck and the seven-seat R1S SUV, targeting 400-plus miles of driving range and unprecedented levels of off-road capability and utility in the EV world.
As part of the deal, and following the investment’s customary regulatory approval, Ford’s president of Automotive Joe Hinrichs will join Rivian’s seven-member board.
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