Rivian has announced an equity investment of $500 million from Ford Motor Co. In addition, the companies have agreed to work together to develop an all-new, next-generation battery electric vehicle (EV) for Ford’s growing EV portfolio by using Rivian’s skateboard platform.
This is in addition to Ford’s existing plans to develop a portfolio of battery EVs. As part of its previously announced $11 billion EV investment, Ford already has confirmed two fully electric vehicles: a Mustang-inspired crossover and a zero-emissions version of the F-150 pickup.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” says RJ Scaringe, Rivian’s founder and CEO.
“We are excited to invest in and partner with Rivian,” notes Bill Ford, Ford’s executive chairman.“I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
Rivian remains an independent company. It has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif.; and Surrey, England, along with a 2.6 million square-foot manufacturing plant in Normal, Ill. Rivian’s products – the five-passenger R1T pickup and seven-passenger R1S SUV – will deliver up to 400-plus miles of range. The vehicles are expected to launch starting in late 2020.
The investment is subject to customary regulatory approval. Following Ford’s investment, Joe Hinrichs, Ford’s president of automotive, will join Rivian’s seven-member board.
“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,” says Jim Hackett, Ford’s president and CEO. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
