The new vehicle’s production will not have any effects on two other EV’s Ford is developing an EV version of the popular F-150 and the Mustang-inspired crossover according to Ford CEO Jim Hackett.
The announcement
In addition to the investment the companies have agreed to work together to create an all-new next-generation battery electirc vehicle for Ford’s growing number of EV vehicles using Rivian’s skateboard platform. RJ Scaringe, founder and CEO of Rivian said: “This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility. Ford has a long-standing 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.”
Bill Ford, Ford’s executive chair, said: “We are excited to invest in and partner with Rivian,” said Bill Ford, Ford’s executive chairman. I have gotten to know and respect RJ, and we share a common goal to create a sustainable future for our industry through innovation.”
Few details about the new vehicle
Although few details about the new car have been released it will use RIvian’s “flexible skateboard platform” that includes the battery pack, the electric drive-train, and the electrical architecture that will power also Rivian’s own EVs. At present these include the R1T electric pickup an the R1S SUV both scheduled to arrive late next year. Ford will also gain a minority stake in Rivian through its investment.
Although Ford has decided what kind of vehicle it will build on the Rivian platform, it has yet to specify what it will be.
Rivian received investment from Amazon
Only two months back, Rivian announced there had been a $700 million investment in the company spearheaded by Amazon. Rivian also had talks with GM but it is reported Rivian backed out of an exclusive deal. However, Scaringe claimed that Rivian was making several models for other companies. The deal with Ford is looser. Scaringe said that the company is very much focused on the relationships it has developed along with launching its own products. It wants to make sure it executes on deals.
Ford is committed to large investments in EVs
Ford Motors announced previously that it will invest $11 billion into the development of EVs. An all-electric Mustang-style crossover is scheduled to be revealed later this year. Joe Hinrichs, Ford’s president of automotive operations said: “We have a lot of experience in electrification. But there’s also a lot we don’t know, and there’s also things we can still learn. We don’t have all the answers, and we don’t pretend to.” Hinrich said that Ford has a lot to learn from Rivian. Hinrich will serve on Rivian’s board of directors.
Hinrich claimed that the deal with Rivian represented an opportunity to get a new EV on the market faster and cheaper than if it had developed one on its own from the ground up. Scaringe said: “One of the great benefits you get from working with a startup company like Rivian, with RJ personally, is the opportunity to go faster. So speed is an important part of this…There’s absolutely an opportunity for us to learn from Ford in terms of their manufacturing expertise, particularly when it comes to lightweight structures, and, of course, how they effectively manage production.”
