Ford invests $500 million on electric automaker Rivian
Apr 24, 2019
A few months ago, several renowned analysts referred to Rivian as a competitor in prime position to challenge established names like General Motors and Ford. However, Ford has decided to join the electric automaker instead of competing against it. Rivian has disclosed an equity investment for $500 million from Ford Motor Company as the iconic automaker works towards building a new battery-powered vehicle for its EV portfolio. Ford is looking to use Rivian's skateboard platform to design a new car in addition to existing plans to broaden its portfolio of electric vehicles. RJ Scaringe, Rivian CEO, stated he was happy with the agreement because Ford was one of the first advocators of sustainability in the transportation industry.