Rivian today announced an equity investment of $500 million from Ford
Motor Company. In addition to the investment, the companies have agreed
to work together to develop an all-new, next-generation battery electric
vehicle for Ford’s growing EV portfolio using Rivian’s skateboard
platform.
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RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian. Through a strategic partnership, Ford will develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio using Rivian’s skateboard platform. (Photo: Business Wire)
“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.”
“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, and we
share a common goal to create a sustainable future for our industry
through innovation.”
Rivian already has developed two clean-sheet vehicles with adventurers
at the core of every design and engineering decision. The company’s
launch products – the five-passenger R1T pickup and seven-passenger R1S
SUV – will deliver up to 400-plus miles of range and provide an
unmatched combination of performance, off-road capability and utility,
starting in late 2020.
“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,” said Jim Hackett, Ford president and CEO. “At
the same time, we believe Rivian can benefit from Ford’s industrial
expertise and resources.”
Ford intends to develop a new vehicle using Rivian’s flexible skateboard
platform. This is in addition to Ford’s existing plans to develop a
portfolio of battery electric vehicles. As part of its previously
announced $11 billion 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.
Leaders from both companies are hosting a conference call today at 8:30
a.m. ET. Call-in details are:
Participant Toll-Free: (877) 870-8664
Participant International
Dial-In Number: (484) 653-6087
Topic: “Electric”
Password:
“Electric”
About Rivian
Rivian is developing vehicles, technology and services that inspire
people to get out and explore the world. Rivian has development centers
in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif.; and Surrey,
England; along with a 2.6-million-square-foot manufacturing plant in
Normal, Ill. Rivian will launch the R1T and R1S in the U.S. in late
2020, with introduction to other global geographies starting in 2021.
Rivian is now accepting preorders on its R1T and R1S. More information
is available at www.rivian.com.
About Ford Motor Company
Ford Motor Company is a global company based in Dearborn, Michigan.
The company designs, manufactures, markets and services a full line of
Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury
vehicles, provides financial services through Ford Motor Credit Company
and is pursuing leadership positions in electrification, autonomous
vehicles and mobility solutions. Ford employs approximately 199,000
people worldwide. For more information regarding Ford, its products and
Ford Motor Credit Company, please visit www.corporate.ford.com.
For news releases, related materials and high-resolution photos and
video, visit
www.media.ford.com
and www.media.Rivian.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190424005534/en/