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Ford invests $ 500 million in the electric car company Rivian




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Rivian showed his R1T pickup on Monday at Griffith Observatory in front of the Los Angeles Auto Show. The vehicle is slated for delivery by 2020.

USA TODAY

Ford Motor Co., manufacturer of the best-selling F-Series pickup trucks, announced early Wednesday that it is investing $ 500 million in Rivian, Michigan-based truck startup company.

This is seen by analysts as a coup since General Motors had expressed an interest in an exclusive relationship and was rejected, according to Bloomberg. Rivian is considered a darling of the technology and automotive industry as automakers change towards electrification.

The company, headquartered in Plymouth, has support from Amazon, the Seattle-based multinational e-commerce market that also specializes in cloud computing and artificial intelligence.

Ford and Rivian have agreed to work together to develop a "brand new, next-generation battery-powered vehicle for Ford's growing EV vehicle portfolio using Rivian's skateboard platform," Ford said in the statement.

"This strategic partnership marks another important milestone in our commitment to accelerate the transition to sustainable mobility," said RJ Scaringe, rivian founder and CEO. "Ford has a long-term commitment to sustainability, with Bill Ford as one of the industry's earliest lawyers, and we're excited to use our technology to bring more electric vehicles on the road."

Rivian, a car start with an engineering base outside of Detroit in Plymouth Township, unveiled its five-passenger R1T electric pickup concept in conjunction with the 2018 LA Auto Show. (Photo: Ben Moon)

Ford, the CEO of the company, said in the statement: "We are happy to invest in and cooperate with Rivian. I have learned and respect RJ and we share a common goal for Creating a Sustainable Future for Our Industry Through Innovation. "

Ford intends to develop a new vehicle using Rivian's flexible skateboard platform, in addition to Ford's existing plans to develop a portfolio of electric batteries. As part of its previously announced $ 11 billion EV investment, Ford has already confirmed two key vehicles: a Mustang-inspired crossover comes in 2020 and a zero-release version of the best-selling F-150 pickup, the company said. 19659005] Tesla is considered a key competitor of these upcoming projects.

Prior to public announcement, Ford informed analysts in North America.

"This investment by Ford in Rivian makes tremendous sense of increasing the number of options it has for future electric vehicles between its existing current programs and the addition of Rivian's electrification platform," says market analyst Jon Gabrielsen, who advises car manufacturers and party suppliers.

" At this early stage of market entry with some initial all electric vehicles, it is difficult to know which technological approaches will prove to be the best and how many resources Ford needs to make the development – depending on the speed at which the group's sumers embrace them. Rivian mainly provides Ford with buffer product development capabilities in case they need it, without the potentially higher cost and time to further develop their internal EV development operations so quickly. And if they don't need much of it, they still benefit from the ownership of a company that sells to others. "

More: Report: Rivian will not give GM what it wants, negotiations are broken

] More : Rivian, in Detroit's backyard, nabs the $ 700M Amazon investment. Now, what?

More: What we know about Rivian, the electric truck startup based in Michigan

Rivian, who moved to the metro Detroit in 2013, unveiled an electric pickup and SUV on The Los Angeles Auto Show in 2018.

The company, which had around 750 employees in its various locations in February, has spied a possible battery run of 400 kilometers per battery and has been called a "Tesla killer" by some industry viewers. Its focus, however, is on building vehicles for the active lifestyle set; It expects to deliver their vehicles to customers starting late next year.

The investment is subject to legal approval.

Ford's president of global operations, Joe Hinrichs, will join the Rivian regime.

Ford and Rivian have scheduled a conversation with journalists at 8:30 am

Contact Phoebe Wall Howard at 3 13-222-6512 or phoward@freepress.com . Follow her on Twitter @phoebesaid . Read more at Ford and sign up for our newsletter .

Read or Share this story: https://www.freep.com/story/money/cars/2019 / 04/24 / ford-rivian investment / 3559641002 /



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