(WXYZ) — Automaker Rivian announced a $500M equity investment from Ford to develop an all-new battery electric vehicle for Ford's growing EV portfolio.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian founder and CEO, in a release. “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,” said Bill Ford, Ford’s executive chairman, in a release. “I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
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 electric vehicles.
Ford has already confirmed two key fully electric vehicles as part of its $11 billion EV investment: A Mustang-inspired crossover coming in 2020 and a zero-emissions version of the F-150 pickup.