It seems like Rivian has managed to impress not just you and me, but some of the big players in the industry too. The Plymouth-based startup made its impressive debut at last year’s LA Auto Show with an all-electric R1T pickup truck and its derivative, the R1S SUV.
Rivian has announced an equity investment of $500 million from Ford, and both companies have agreed to work together to develop a new, next-generation battery electric vehicle for Ford’s EV portfolio using Rivian’s skateboard platform. However, the type of vehicle is yet to be confirmed. Responding to an email, a spokesperson from Ford said that they’re not yet sharing that information.
Rivian R1S all-electric SUV
As part of its $11 billion EV investment, Ford has already confirmed two fully electric vehicles: a Mustang-inspired crossover coming in 2020 and a zero-emissions version of the F-150 pickup.
Rivian remains an independent company. The aforementioned $500m investment is subject to customary regulatory approval. Following Ford’s investment, Joe Hinrichs, Ford’s President of Automotive, will join Rivian’s 7-member board.
Rivian founder and CEO RJ Scaringe (L) and Bill Ford (R)
“We are excited to invest in and partner with Rivian,” said Bill Ford, Executive Chairman. “I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation,” he added.