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  • Rivian Gets $500 Million Investment From Ford

Rivian Gets $500 Million Investment From Ford

Shaun Ochsner
Apr 24, 2019
Rivian is getting a $500 million investment from Ford Motor Company. Rivian made headlines in 2018 when the electric-vehicle company debuted a prototype SUV and truck at the Los Angeles Auto Show. Since then, the company has been making major moves. Rivian secured a $700 million backing from Amazon earlier this year. Rivian was also rumored to be in talks with General Motors, but those talks fell apart.
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In addition to the investment, Ford and Rivian will work together to develop a next-generation battery electric vehicle for Ford’s growing EV portfolio. Ford will use Rivian’s “skateboard” platform. The skateboards contain batteries and other electrical components needed to power the vehicles.
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“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said Rivian Founder and CEO RJ Scaringe. Ford executive chairman, Bill Ford, said the company is excited to invest and partner with Rivian. He also noted Ford and Rivian share a common goal towards sustainability and innovation.
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Ford has already announced an $11 billion EV investment and has plans to develop a zero-emissions version of the F-150. Once the Rivian deal is approved, Ford’s President of Automotive Joe Hinrichs will take a seat on Rivian’s seven-member board.
Rivian prototype vehicles have been spotted around Detroit in the last couple months with Ford F-150 bodies as the company tested its skateboards.
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