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Rivian, Ford team up in USD half-billion investment partnership
Rivian has announced an equity investment of USD 500 million from Ford Motor Company, to fuel collaboration on the development of a battery electric vehicle using Rivian’s flexible skateboard platform.
Ford’s existing plans to develop a portfolio of battery electric vehicles is part of its previously announced USD 11 billion EV investment that includes two fully electric vehicles: a Mustang-inspired crossover planned for 2020 and a zero-emissions version of the best-selling F-150 pickup.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian founder and CEO. “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.”
Ford Executive Chairman Bill Ford said, “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.”
Rivian is a privately held company founded in 2009. The company is headquartered in Plymouth, Michigan.