Ford Invests $500 Million In Rivian; Partnership To Deliver All-New Ford Battery Electric Vehicle

Rivian already has developed two clean-sheet vehicles with adventurers at the core of every design and engineering decision.

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RJ Scaringe, Rivian founder and CEO and Bill Ford, executive chairman, Ford Motor Company

Rivian announced an equity investment of $500 million from Ford Motor Company. In addition to the investment, the companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford's growing EV portfolio using Rivian's skateboard platform. Rivian already has developed two clean-sheet vehicles with adventurers at the core of every design and engineering decision. The company's launch products - the five-passenger R1T pickup and seven-passenger R1S SUV - will deliver up to 644 kilometres of range and provide an unmatched combination of performance, off-road capability and utility, starting in late 2020.

RJ Scaringe, Rivian founder and CEO said, "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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The commercial manufacturing of the R1T will begin in 2020 

Ford intends to develop a new vehicle using Rivian's flexible skateboard platform. This is in addition to Ford's existing plans to develop a portfolio of battery electric vehicles. As part of its previously announced $11 billion EV investment, Ford already has confirmed two key fully electric vehicles: a Mustang-inspired crossover coming in 2020 and a zero-emissions version of the best-selling F-150 pickup.

Rivian remains an independent company. The investment is subject to customary regulatory approval. Following Ford's investment, Joe Hinrichs, Ford's president of Automotive, will join Rivian's seven-member board.

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Bill Ford, Ford's executive chairman 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."

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