Ford Motor Co. and Rivian announce the automaker will invest $500 million in the electric vehicle startup as it seeks to leverage Rivian's skateboard electric architecture
In a joint statement today, the two companies announced Ford is investing $500 million in Rivian and will work together to develop a battery-electric vehicle for Ford based on Rivian’s skateboard architecture.This new relationship comes after General Motors Corp. failed to strike a deal with Rivian which had also courted the company.
“We are excited to invest in and partner with Rivian,” said Bill Ford, Ford’s Executive Chairman in a statement. “I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
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