Ford will develop a new electric vehicle with Rivian after announcing a $500 million investment in the American EV manufacturer on Wednesday.
The investment from Ford comes as the latest move in its commitment to build electric vehicles, with the two companies set to develop “an all-new, next-generation battery electric vehicle”.
Ford is yet to reveal what kind of vehicle it will develop with Rivian, but is believed to have decided on a model type.
“We are excited to invest in and partner with Rivian,” said Bill Ford, Ford’s executive chairman.
“I have gotten to know and respect RJ [Scaringe, Rivian founder and CEO], and we share a common goal to create a sustainable future for our industry through innovation.”
Added Scaringe: “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.”
The jointly-developed vehicle is in addition to Ford’s existing plans to develop a range of electric vehicles over the coming years as part of an $11 billion investment.
It has already confirmed two fully electric vehicles: a Mustang-inspired crossover coming next year and an electric version of the F-150 pickup.
Preorders Open on Rivian’s Own EVs
Rivian has already developed two electric vehicles, a the five-seat R1T pickup and seven-seat R1S SUV, both of which will deliver up to 400 miles of range.
Production of the R1T and R1S is set to begin at its plant in Normal, Il. next year, with preorders already open and starting prices of $61,500 (R1T) and $65,000 (R1S) after federal tax credit.
Both models are based on Rivian’s ‘skateboard’ platform, which will also be used in the vehicle it develops with Ford, and packages the battery pack, drive units, suspension, braking and thermal system below the height of the wheel.
Rivian was founded by Scaringe in 2009 and announced its current launch models in 2018. It received an investment of $700 million led by Amazon earlier this year.
Rivian will remain an independent company following the Ford investment, while Joe Hinrichs, Ford’s president of Automotive, will join its seven-member board.