Ford Makes A Big Investment Into Rivian
Ford yesterday announce they would be investing $500 Million into the electric vehicle startup Rivian who is currently working to develop their all-electric SUV and pickup truck.
This is a rather strange turn of events for Ford who has been actively working to develop their all-electric vehicles over the past few years. Ford has already announced they are working on a Mustang-inspired all-electric crossover vehicle and an all-electric F-150 pickup truck. Ford will continue to develop those in-house, but this additional investment in Rivian could see the two companies working together on future technology or vehicles.
“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.” - RJ Scaringe Rivian founder and CEO
“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.” - Bill Ford, Ford executive chairman
Ford isn't the only company investing in Rivian. Amazon recently invested $700 Million into the company also. Rivian has said in the past they hope to have their first all-electric vehicle ship in 2020 or 2021, and the company is accepting pre-orders now for those interested.