Ford Invests $500 Million In Electric Vehicle Company Rivian

MICHIGAN — The Plymouth-based company Rivian announced Wednesday that it had an investment of $500 million from Ford Motor Company.

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, they announced.

“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.”

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.

“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.”

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