Ford to invest USD 500 million in electric vehicle startup Rivian
Ford Motor Company will invest USD 500 million in electric vehicle (EV) startup Rivian, the company said on its website. In addition to the investment, the companies have agreed to work together to develop an all-new, next-generation battery EV for Ford’s growing EV portfolio using Rivian’s skateboard platform.
According to Ford, Rivian already has developed two clean-sheet vehicles with adventurers at the core of every design and engineering decision.
The company’s launch products – the five-passenger R1T pickup and seven-passenger R1S SUV – will deliver up to 400-plus miles of range and provide an unmatched combination of performance, off-road capability and utility, starting in late 2020.
Ford intends to develop a new vehicle using Rivian’s flexible skateboard platform. This is in addition to Ford’s existing plans to develop a portfolio of battery EVs.
As part of its previously announced USD 11 billion EV investment, Ford already has confirmed two key fully EVs: a Mustang-inspired crossover coming in 2020 and a zero-emissions version of the best-selling F-150 pickup, company said.
RJ Scaringe, Rivian founder and CEO, said that this strategic partnership marks another key milestone in drive to accelerate the transition to sustainable mobility.
“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,” he said.
“I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation,” said Bill Ford, Ford’s executive chairman.