Ford announced today that it would be investing $500 million in Electric Vehicle startup Rivian. The move will gain Ford access to Rivian's flexible skateboard platform. Ford will co-develop the vehicle with Rivian and will join the already planned Ford F-150 EV and a Mustang inspired crossover EV. Ford will provide Rivian with industrial expertise and resources.
Rivian will remain an independent company and the investment is subject to regulatory approvals.
Rivian has shown concept versions of the Rivian R1T, an electric pickup and Rivian R1S SUV at the Los Angeles Auto Show. It plans to put these vehicle into production at its plant in Normal Illinois.
Ford's investment comes just two months after Rivian landed $700m in investment commitments from Amazon and others. The talks between Rivian and General Motors have apparently collapsed.
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