Ford Motor Co., maker of the best-selling F-Series pickup trucks, announced early Wednesday that it’s investing $500 million in Rivian, the Michigan…
Ford Motor Co., maker of the best-selling F-Series pickup trucks, announced early Wednesday that it’s investing $500 million in Rivian, the Michigan-based electric truck startup company.
This is viewed by analysts as a coup since General Motors had expressed interest in an exclusive relationship and was rebuffed, according to Bloomberg. Rivian is considered a darling of the tech and automotive industries as vehicle manufacturers shift toward electrification.
The company, which is headquartered in Plymouth, has the backing of Amazon, the Seattle-based multinational e-commerce marketplace that also specializes in cloud computing and artificial intelligence.
Ford and Rivian have agreed to work together to develop an “all-new, next-generation battery electric vehicle for Ford’s growing EV (electric vehicle) portfolio using Rivian’s skateboard platform,” Ford said in its statement.
“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.
