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is making a minority equity investment of $500 million in
startup Rivian in a deal that will result in a new battery-electric vehicle for the blue oval that is based on Rivian’s flexible skateboard platform.
The deal, which is subject to regulatory approvals, comes on the heels of Rivian landing a $700 million investment led by Amazon. It also closely follows the reported collapse of talks between Rivian and
over a possible investment. Rivian has been around for about a decade under various names but made its coming-out party only six months ago at the
, where it displayed its first two products: the R1S SUV and R1T pickup truck. They’re due next year.
Ford offered no details about what kind of vehicle it plans based off of Rivian’s technology or when it will arrive. But CEO Jim Hackett says it will be all-new and “incremental” to its previously announced $11 billion investment in developing electric vehicles. Ford has already announced plans for a Mustang-inspired all-electric
in 2020 and a battery-electric version of its best-selling
.
Assuming the deal goes through, Joe Hinrichs, Ford’s president of automotive, will join Rivian’s seven-member board of directors.
“As we continue in our transformation fo Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both,” Hackett said in a statement. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
from Autoblog http://bit.ly/2W5H3xJ