Rivian is to receive an equity investment of US$500m from Ford Motor Company. The two have also agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s EV portfolio using the Rivian skateboard platform.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, founder and CEO of Rivian. “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.”
Said Bill Ford, Ford’s executive chairman, “We are excited to invest in and partner with Rivian. I have got to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
“As we continue on our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both,” added Jim Hackett, president and CEO of Ford. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
More on Rivian’s EV skateboard architecture in the March issue of ATTI.