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Wednesday 24 April 2019
Ford investing US$500M in electric vehicle startup Rivian
Ford is sinking a half-billion dollars into electric vehicle startup Rivian in a deal that has the companies working together on a new Ford EV based on Rivian underpinnings.
Ford will become a minority partner in Rivian, which is based outside of Detroit and recently rolled out a new electric pickup truck and an SUV that will go on sale late next year. In a statement, Ford CEO Jim Hackett says the partnership will bring a fresh approach to Ford’s intelligent and electric vehicles. He also says Rivian will benefit from Ford’s manufacturing expertise and resources.
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