Ford has puts its money behind electric vehicle start-up Rivian — with a £388 million investment.
Rivian is currently gearing up to launch its R1T pick-up and R1S SUV, both of which are exclusively electric — with claimed ranges in excess of 400 miles.
As part of this investment, Ford will utilise Rivian’s ‘skateboard’ platform to develop a vehicle of its own as part of its existing plans to expand into the EV market. The American firm is already working on a Mustang-inspired crossover as well as an F-150 truck that will run on electric power.
RJ Scaringe, Rivian founder and chief executive, said: “This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility. 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.”See Available Ford deals
Bill Ford, Ford’s executive chairman, added: “We are excited to invest in and partner with Rivian. I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
This large investment follows financial backing from Amazon in Rivian, which in February led a £544 million round of funding for the firm.