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Ford Invests $500 Million in Rivian

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What do you do if you have developed a game-changing electric car platform? Rivian is planning to launch 2 new American electric vehicles using a common chassis for both. The R1T and the R1S will launch next year, the fist is a pickup and the second is an SUV. Their range of 400 miles is unprecedented, so Ford invested $500 Million in Rivian.

It is a major part of Ford’s $11 Billion EV program. The press release from Dearborn also confirms the Mustang-inspired crossover and an electric F-150 are far along in development.

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Ford President & CEO Jim Hackett said: ” 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. At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”

While the percentage of ownership was not mentioned, President of Global Opereations Joe Hinrichs is now on Rivian’s board of directors. This is very similar to Porsche, who sourced electric parts from Rimac before purchasing 20% of the company.

Related:

Porsche Joins Forces With Rimac