Ford investing $500 million in Amazon-backed electric truck startup Rivian for new vehicle

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Ford is investing $500 million within the electrical car startup Rivian, and can promote a car constructed on the corporate’s platform within the coming years, the businesses introduced Wednesday.

Rivian unveiled its personal all-electric pickup and SUV fashions on the Los Angeles Auto Present in November with plans to place them into manufacturing late subsequent yr at its manufacturing unit in Regular, Ailing. On the time, the corporate stated it was open to licensing the know-how to different manufacturers.

Each fashions are constructed on a shared “skateboard” type chassis that includes the drivetrain and battery pack and may be modified to accommodate a wide range of physique sorts.

Rivian not too long ago accomplished a $700 million funding spherical led by Amazon and was reportedly in discussions with Normal Motors to create the same partnership to the one being solid with Ford.

ELECTRIC FORD F-150 SPOTTED:

Ford CEO Jim Hackett didn’t reveal the kind of car that shall be created, or when it should go on sale, however confirmed that will probably be along with the electrical Mustang-inspired SUV and Ford F-150 the automaker at present has in growth.

“There’s loads we will study from Rivian’s clear sheet strategy,” stated Ford President Joe Hinrichs.

Rivian’s first two fashions function 4 electrical motors, air suspension techniques and promise a per-charge vary as excessive as 400 miles. Each are aimed on the premium section and are anticipated to start out at $69,000.

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