Ford Invests $500 Million in Rivian

Ford Motor Company recently announced that it will invest $500 million in Rivian -- a company that builds 'electric adventure vehicles'. Besides announcing the investment, the two also said that they will now collaborate to create a new battery electric vehicle, based on Rivian’s skateboard platform, for the American carmaker's burgeoning range of electric vehicles.

Jim Hackett, president, and chief executive officer, Ford, 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."

Headquartered in Plymouth, Michigan, Rivian has already developed two of, what it calls, clean-sheet vehicles. The vehicles, the R1T pickup truck and the R1S SUV, were launched last year in November, though the deliveries will begin only in late 2020. Anyway, the company says the top-end variant of the R1T offers a driving of over 400 miles (643.73 km), while that of the R1S delivers a range of more than 410 miles (659.83 km).

Now, as mentioned above, Ford will develop a new EV underpinned by Rivian’s skateboard platform. However, it must be noted that this is beside the carmaker's existing plans to build a portfolio of battery electric vehicles. Under the purview of its formerly announced $11 billion investment for EVs, Ford has already confirmed two fully electric cars: a zero-emission iteration of the F-150 and a Mustang-based crossover, which will be launched in 2020.

Source- Times Drive