Ford invests $500 million in Rivian, an electric truck startup in Michigan

[mahatmakanejeeves]

Source: The Detroit Free Press

Ford invests $500 million in Rivian, an electric truck startup in Michigan
Phoebe Wall Howard, Detroit Free Press Published 8:08 a.m. ET April 24, 2019 Updated 12:07 p.m. ET April 24, 2019

Ford Motor Co., maker of the best-selling F-Series pickup trucks, announced early Wednesday that it is investing $500 million in Rivian, the Michigan-based electric truck startup company. ... "Rivian and Ford match up strategically," said Ford CEO Jim Hackett. "We can learn a lot from each other." ... The match is viewed by analysts as a coup since General Motors had expressed interest in an exclusive relationship with company headquartered in Plymouth and was rebuffed, according to Bloomberg. Rivian is considered a darling of the tech and automotive industries as vehicle manufacturers shift toward electrification.

The company has the backing of Amazon, the Seattle-based multinational e-commerce marketplace that also specializes in cloud computing and artificial intelligence. ... Ford and Rivian have agreed to work together to develop an "all-new, next-generation battery electric vehicle for Ford's growing EV (electric vehicle) portfolio using Rivian's skateboard platform," Ford said in its statement.
....

Rivian, which moved to metro Detroit in 2013, unveiled an electric pickup and SUV at the Los Angeles Auto Show in 2018. ... The company, which had about 750 employees at its various locations in February, has touted a possible 400-mile-per-charge battery range and been dubbed a "Tesla killer" by some industry watchers. Its focus, however, is on building vehicles for the active lifestyle set; it expects to deliver its vehicles to customers starting late next year.

The investment is subject to customary regulatory approval. ... Hinrichs, who earned praise from company executives for putting the deal together, will join Rivian's board of directors.

Contact Phoebe Wall Howard at 313-222-6512or [e-mail]. Follow her on Twitter @phoebesaid. (1) Read more on Ford and sign up for our autos newsletter. (2)

(1) https://twitter.com/phoebesaid

(2) https://profile.freep.com/newsletters/automotive-news-headlines/

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

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NEWS
Ford invests $500M in Michigan startup to deliver 'all-new battery electric vehicle'
Updated 10:27 AM; Today 10:26 AM

https://www.mlive.com/news/2019/04/ford-invests-500m-in-michigan-startup-to-deliver-all-new-battery-electric-vehicle.html

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THE MORNING SHIFT
Ford Is Pouring $500 Million into Rivian

Michael Ballaban
Today 10:50amFiled to: RIVIAN

https://jalopnik.com/ford-is-pouring-500-million-into-rivian-1834269625

[Joe Nation]

1. Rivian Completes Purchase of Mitsubishi Plant in Normal Illinois

Rivian is opening a second manufacturing plant in Normal IL. I am very interested in this vehicle and would gladly purchase one in the future.

[Tikki]

2. We saw both the Rivian Truck and SUV at the LA Car show...

We took a break from walking the show just as many of the Rivian team were taking their breaks.

They were willing to talk to us for quite a while. They are totally devoted to the concept
of an electric full sized truck and SUV and have recruited the best for this job from all over.

They want to fill that niche.

We are seniors, so a big vehicle is not in our horizon. But all around us are neighbors with
gas guzzling full sized trucks and SUVS.

Joined with FORD..time will tell.

The Tikkis

[Vinca]

3. Your post got me all excited until I went to google to see what it looked like.

I was expecting a small pickup - which would make sense - but instead it's another behemoth. I want a bona fide SMALL truck. The other day I was in the drive-up lane at the bank in my Rav and there was a Ford F350 truck in the next lane. I swear I would need a stepladder just to get into the thing and it was so big you could leave the tent at home and camp out in it. A small, electric truck would be perfect.

[safeinOhio]

4. You are in luck. Ford has brought back the Ranger.

Look for a version of that along with the return of the smaller Bronco EVs.

[Vinca]

5. I'll have to check it out. Thanks for the heads up.

[JaneQPublic]

9. I ordered a 2019 Ford Ranger last month.

Its MPG rating is better than the much smaller 2001 Ranger I bought new.

The 2019 version gets up to 26 mpg highway, depending on the configuration.

And if the now-midsize Ranger is too big for you, Ford is planning to come out with a compact-size Courier around 2022.

[safeinOhio]

10. There is talk of a mini-focus in a year or two.

Would be based on their subcompact platform. That will be smaller than the planed Bronco for next year.

Doubt that I'll ever buy a new car again at my age. My buddy and I transport cars for a small used car dealer and pickup a few used cars to flip now and then, mostly used BMW 3 and 5 series. Make a couple of bucks and get paid for our road trips.

[Joe Nation]

8. Small trucks are like cars with beds. Remember the Ranchero and the El Camino?

You have neither a car nor a truck. If they can make a good sized truck that doesn't guzzle fuel, I'd take the bigger truck in a heartbeat. That wasn't a reference to Chevy.

[Vinca]

11. I just don't feel comfortable or safe driving one of the giant trucks.

Give me a SMALL, 4WD truck with a 1 door cab and I'm a happy girl. I don't need to carry a 6 person construction crew and a bed full of heavy tools, I'd just like to schlep a bale or 2 of hay and a little composted manure to the garden.

[melm00se]

6. Not cheap

$69-72K before the Federal Tax rebate

[Initech]

7. Hey if it starts taking the gas guzzlers off the road I am all for it!