RIVIAN ANNOUNCES $500 MILLION INVESTMENT
FROM FORD; PARTNERSHIP TO DELIVER ALL-NEW FORD BATTERY ELECTRIC VEHICLE
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Ford and Rivian form
strategic partnership through $500 million minority investment
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Ford to build all-new
battery electric vehicle using Rivian’s flexible skateboard platform
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The investment is subject
to customary regulatory approval; Ford’s Joe Hinrichs to join Rivian’s
board of directors
DEARBORN,
Mich., April 24, 2019 – 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.
“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.
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.
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.
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