Ford is investing $500 million in electric pickup truck maker Rivian, saying the two companies will work together to develop a new battery plug-in vehicle for Ford.
Ford Motor Co. (NYSE: F) has invested $500 million in electric truck maker Rivian. The two Companies will also work together to develop an all-new battery electric vehicle for Ford using Rivian’s skateboard platform. Ford has previously stated that it would invest $11 billion in electric vehicle. The Company said that this $500 million investment is in addition to that $11 billion effort. Following the investment, Joe Hinrichs, Ford’s president of Automotive, will join Rivian’s seven-member board.