Ford Forges Partnership, Invests in Rivian
Ford and Rivian have formed a strategic partnership to develop a next-generation Ford EV using the Rivian skateboard platform. Ford also made a $500-million equity investment in Rivian. Joe Hinrichs, Ford’s president of global operations, will join the board of directors.
“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,” said Jim Hackett, Ford president and CEO. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
Rivian’s skateboard EV platform has the batteries lie flat in the floor and electric motors sit at the axles. Ford is developing several EVs, including an electric version of the F-150 to face competition from Tesla. However, the electric F-150 won’t be the recipient of Rivian’s platform. Rivian is also developing its own R1T pickup.
Rivian was founded in 2009 and managed to raise $700 million with Amazon the lead investor earlier this year.