Ford wants to build an electric vehicle on Rivian’s platform following a $500-million investment in the California startup.
Rivian impressed the automotive world last year when it introduced its all-electric pickup and SUV. It drew the attention of investors like Amazon and even GM — though the latter tie-up recently fell apart .
Ford said Wednesday that the vehicle it co-develops with Rivian will be in addition to the portfolio of electrified vehicles it is planning before 2022. That portfolio comes from an $11-billion investment the company is making in electrification that will include the hybrid Mustang-inspired crossover it has been teasing since last year, as well as a possible electric F-150.
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Despite the investment, Rivian will remain independent of Ford. If the deal is approved by regulators, Ford’s president of automotive, Joe Hinrichs, will join Rivian’s seven-member board.
“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,” Ford CEO Jim Hackett said in a statement. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”