Rivian has announced an equity investment of US$500m from Ford Motor Company. In addition to the investment, the companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio using Rivian’s skateboard platform.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” says 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.”
“We are excited to invest in and partner with Rivian,” adds Bill Ford, Ford’s executive chairman. “I have got to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
Rivian has already developed two clean-sheet vehicles. The company’s launch products – the five-passenger R1T pickup and seven-passenger R1S SUV – will deliver around 640km (398 miles) of range and are expected in late 2020.
“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 president and CEO. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
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 BEVs – as part of its previously announced US$11bn EV investment, Ford already has confirmed two fully electric vehicles: a Mustang-inspired crossover coming in 2020 and a zero-emissions version of the best-selling F-150 pickup.
Rivian will remain an independent company, and the investment is subject to regulatory approval. Following Ford’s investment, Joe Hinrichs, Ford’s president of Automotive, will join Rivian’s seven-member board.
