Ford takes stake in RIVIAN to develop new EVs
Ford has taken a stake of $500 million in Rivian, which recently revealed a new electric SUV and pick-up, to develop new EVs for Ford.
Rivian, which recently revealed an impressive electric SUV and pick-up, has taken a decade to get to the point where its technology is mature enough to go in to a production vehicle, and the cars they revealed certainly have impressive specs.
Clearly Ford agree, and they’ve stumped up $500 million to take a minority stake in Rivian and work together to develop EVs for Ford. Rivian also has an even chunkier investment from Amazon.
The deal will see Ford getting someone on the Board at Rivian, and the two companies will develop new models for Ford based on the skateboard electric platform Rivian has already developed.
It seems unlikely Rivian have come on-board to help Ford with the two EVs we know they are already developing – the electric Mustang Crossover and an F-150 BEV – although Rivian’s platform would seem to be ideally suited to an electric version of the F-150 pick-up.
Rivian are planning to launch their electric SUV and pick-up next year, but there’s no indication of the timeline Ford are working on for new EVs from the partnership.
No doubt we’ll find out before too long.
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