The new partnership will utilise Rivian’s skateboard platform
Rivian has announced a minority investment of US$500 million from Ford Motor Company. The companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s 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. “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.”
Rivian unveiled late last year two of its products, the five-passenger R1T pickup and the seven-passenger R1S SUV. These vehicles are expected to deliver a range of up to 400+ miles and an unmatched combination of performance, off-road capability and utility. The R1T and R1S models are scheduled to arrive in the U.S. 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,” said Jim Hackett, Ford president and CEO. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
The new vehicle will be developed using Rivian’s flexible skateboard platform. The electric vehicle is an addition to Ford’s existing plans to build a portfolio of battery electric vehicles. As part of its previously announced US$11 billion EV investment, Ford has already confirmed two all-electric vehicles: a Mustang-inspired crossover coming in 2020 and an F-150 pickup.
Following Ford’s latest investment, Rivian will remain an independent company while Ford’s automotive president Joe Hinrichs will join Rivian’s seven-member board. The investment is subject to customary regulatory approval.