Ford invests £388m in electric car start-up Rivian

Ford invests £388m in electric car start-up Rivian

American car giants puts backing into Rivian — a start-up firm which is developing a pair of all-electric vehicles

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.”

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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.

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