DETROIT — Ford is investing $500 million in electric vehicle startup Rivian and plans to build an EV using Rivian’s flexible skateboard platform.
Ford said the co-developed vehicle would be in addition to the portfolio of EVs it is planning as part of an $11 billion investment in electrification through 2022. Those vehicles include a battery-powered F-150 pickup and a crossover that Ford says is inspired by its Mustang sports car.
"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," Ford CEO Jim Hackett said on Wednesday. "At the same time, we believe Rivian can benefit from Ford's industrial expertise and resources."
Hackett said he was impressed with Rivian’s "clean-sheet" approach. "They were not coming from what we would call the analog world. They were inventing," he said on a conference call.
Rivian, which has shown concept versions of an electric pickup and SUV, will remain an independent company, and the investment is subject to regulatory approval.
Joe Hinrichs, Ford's president of automotive, will join Rivian's seven-member board.
Ford's announcement comes weeks after talks between Rivian and General Motors reportedly broke down. GM reportedly had been interested in becoming an equity investor in Rivian, much like Amazon, which invested $700 million in the startup in February.
VW tie-up
Ford also has been in talks with Volkswagen Group about tapping VW for its electric-car platform, called MEB.
Hackett said the deal with Rivian will not interfere with Ford's talks with VW.
Michelle Krebs, senior analyst with car-shopping researcher Autotrader, said Ford now has several options to develop EVs: possibly working with VW on smaller cars and crossovers, with Rivian on larger SUVs and trucks, and engineering models on its own.
"They can multitask," Krebs said by phone. "This is a smart move for both companies. Ford has been talking about electric vehicles, specifically pickup trucks. You can also imagine commercial vans."
Bloomberg contributed to this report
