24.4.2019Rivian gets $500 million investment from Ford
Ford has invested $500 million (£368m) in EV company Rivian, with the partnership set to deliver the US manufacturer a new pure-electric model.
Rivian has already developed a flexible 'skateboard' platform (below) for its R1 range - the R1T pick-up and R1S SUV - with quoted ranges in excess of 400 miles on a single charge available.
Battery sizes of 105 kWh, 135 kWh, and 180 kWh are set to be offered on the Rivian models, powered by four electric motors for all-wheel drive, and due in late 2020.
Ford is already working on developing a portfolio of electric vehicles, and confirmed a pure-electric Mustang-inspired crossover for 2020, plus an EV version of its best-selling F-150 pick-up. The Rivian platform would suit the latter ideally, it would seem.
Jim Hackett, Ford president and CEO, said: "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. At the same time, we believe Rivian can benefit from Ford's industrial expertise and resources."
Rivian will remain an independent company, and the funding is part of Ford's £11 billion investment in EVs. The deal is subject to regulatory approval.