Ford Motor Company has invested USD 500 million (about Rs 3,492 crore) in US-based EV carmaker, Rivian, the latter has announced today. Along with the sizable investment, the two American brands will co-develop an all-new next-generation battery electric vehicle that will join Ford’s growing EV portfolio.
“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian founder and CEO. “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, executive chairman, Ford said: “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.”
Rivian’s R1T pickup and R1S SUV are claimed to up to 676km on a single charge and provide an unmatched combination of performance, off-road capability and utility, when the launch international markets in late 2020.
Jim Hackett, president and CEO, Ford said: “As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both. At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”
This new development with Rivian is in addition to Ford’s existing plans to develop a portfolio of battery electric vehicles. As part of its previously announced $11 billion (Rs 76,824 crore) EV investment, Ford already has confirmed two key fully electric vehicles: a Mustang-inspired crossover coming in 2020 and a zero-emissions version of the best-selling F-150 pickup.
Rivian remains an independent company. The investment is subject to customary regulatory approval. Following Ford’s investment, Joe Hinrichs, Ford’s president of Automotive, will join Rivian’s seven-member board.
Meanwhile in India, Ford and Mahindra have joined hands to develop a new mid-size SUV that will share its platform and mechanical bits with the next-gen Mahindra XUV500. Click here for more details on that development.