Ford invests $500 million in Rivian, an electric truck startup in Michigan [View all]
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 phoward@freepress.com. Follow her on Twitter @phoebesaid. (1) Read more on Ford and sign up for our autos newsletter. (2)
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Read more: https://www.freep.com/story/money/cars/2019/04/24/ford-rivian-investment/3559641002/
https://www.freep.com/search/rivian/
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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
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