Utes ain’t utes: Ford invests $500 million in electric pickup...

Utes ain’t utes:

Ford invests $500 million in electric pickup startup Rivian, will make an EV together
Fred Lambert
- Apr. 24th 2019 8:31 am ET
@FredericLambert

Comments
Ford announced today that it is investing $500 million in electric pickup startup Rivian and the automaker will use the startup’s platform to make an all-electric vehicle.




Just two months ago, Rivian, an electric vehicle startup better known for developing an electric pickup, announced that it raised a $700 million round of investment led by Amazon.

At the time, there were rumors that GM was going to participate in the round, but it didn’t end up happening.

Now we learn that another big automaker is actually investing in the company: Ford.

RJ Scaringe, Rivian founder and CEO, commented on the announcement:

“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.”

Bill Ford, Ford’s executive chairman, also commented on the $500 million investment:

“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.”

Along with the investment, Ford confirmed that it will use Rivian’s electric platform to develop a Ford-branded all-electric vehicle.

Last year, we took a close look at Rivian’s electric platform, which the startup claims enable a range of up to 400 miles.

Rivian was already using Ford F-150 pickups as test mules to test its powertrain for its own R1T pickup, but the two companies confirmed that the vehicle they are partnering on is not an electric F-150.

Ford confirmed that it is still independently developing an electric F-150 and its Mustang-inspired electric crossover.

Jim Hackett, CEO of Ford, said that the automaker will take some of the production capacity at Rivian’s Illinois factory, which the startup claims can produce up to 250,000 vehicles per year, when it comes to the platform to produce its own vehicles.

They are not confirming what type of vehicle it will be, but it will be produced by Ford using electric platforms produced by Rivian.

The management of both companies are also exploring other possible collaborations, like Ford helping Rivian with manufacturing, but they say that for now, the partnership stops to the investments and Ford using Rivian’s electric platform for one specific vehicle.