Rivian Announces Investment from Ford

Rivian Announces $500 Million Investment from Ford

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.

RJ Scaringe, founder and CEO of Rivian (left), and Bill Ford, executive chairman of Ford

Automotive technology company Rivian has received an equity investment of $500 million from Ford Motor Co. 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, founder and CEO of Rivian. “Ford has a longstanding 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.”

Added Ford Executive Chairman Bill Ford, “We are excited to invest in and partner with Rivian. 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, stating that adventurers are at the core of every design and engineering decision the company makes. 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, president and CEO of Ford. “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.

You May Also Like

Top 5 Stories of the Week

A recap of the top five stories on bodyshopbusiness.com during the week of June 10.

Classic Collision Adds New Locations in Minnesota and Arizona

Classic Collision has announced the acquisition of Crossroads Collision Center in Lake Elmo, Minn., and CARSTAR T&S Body Works in Tempe, Ariz.

Read more here.

Body Bangin' Southeast Collision Conference: Future-proof Your Shop with Mike Anderson

Collision Careers Enhances Web Presence, Debuts New Video

The updated website now includes career path details and downloadable resources for parents, educators and school advisors as well as a new, engaging video.

SUN Collision Brings Back Thank You Thursdays Sweepstakes

SUN Collision is celebrating Automotive Service Professionals Month in June with the return of its “Thank You Thursdays!” sweepstakes.

Snap-on TSS Onsite at SkillsUSA in Atlanta

Snap-on Total Shop Solutions (TSS) products will be on display and included in the competition at the 2024 SkillsUSA National Leadership and Skills Conference June 24-28 at the Georgia World Congress Center in Atlanta. Related Articles – NABC to Host Third Golf Fundraising Event of 2024 – Honda Starts Production on 2025 Honda CR-V Fuel

NABC to Host Third Golf Fundraising Event of 2024

The NABC Changing and Saving Lives Foundation will host the third golf fundraising event of 2024 Sept. 9 at Boone Valley Golf Club in Augusta, Mo.

Other Posts

Spanesi Offers Technical Training at U.S. Headquarters

Spanesi is offering training courses from factory-trained individuals at its U.S. headquarters in Naperville, Ill.

SCRS Announces Repairer Driven Education Registration Now Open

RDE is the most comprehensive collision repair education series of the year, delivered live at the SEMA Show and then made available online for the industry.

IIHS Survey: Most Drivers OK with Anti-Speeding Tech in Vehicles

More than 60% of drivers would find it acceptable if their vehicle provided an audible and visual warning when they exceeded the posted speed limit.

TEXA Releases IDC5 CAR 76.6.0 Software Update

Innovation of the TEXA IDC5 software is focused on new vehicle coverage as well as new diagnostic feature functionality.