Ford invests $500 million in electric truck maker Rivian

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    Ford said Wednesday it has invested $500 million in electric truck maker Rivian to build a new battery-powered electric vehicle for the Detroit manufacturer.

    Rivian EV SUV.

    Adam Jeffery | CNBC
    Rivian EV SUV.

    “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.”

    RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian.

    Source: Ford Motor Co.
    RJ Scaringe, Rivian founder and CEO, and Ford Executive Chairman Bill Ford announce a $500 million Ford investment in Rivian.

    In February, Rivian raised $700 million in a funding round led by Amazon, following rumors that GM would also invest.

    Ford said it intends to develop a new vehicle using Rivian’s skateboard platform as an addition to its existing plans to develop a portfolio of battery electric vehicles. The company has already 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, as part of its $11 billion EV investment.

    Rivian EV Pickup Truck.

    Adam Jeffery | CNBC
    Rivian EV Pickup Truck.

    The company has said the platform “efficiently packages the battery pack, drive units, suspension, braking and thermal system all below the height of the wheel, leaving the space above for occupants and their gear.”

    Rivian’s skateboard platform

    WATCH: Ford invests $500 million with start-up Rivian

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