Ford has reached an agreement with Rivian to develop a new model on the fast-growing electric vehicle (EV) manufacturers platform and take a minority stake in the company.
Rivian is currently developing his R1T pick-up truck and his R1S seating SUV, which will be built on a custom skateboard chassis that was designed to be modular, so it can be used for a wide range of machines.
The new strategic partnership, in which Ford has invested around $500 million (£386 million) in Rivian, will result in engineers from the two US companies working together to develop an EV battery for Ford
There are still no details about the type of vehicle on which the companies will work, although it will be “totally new”. In the US, Ford has shifted its focus to pick-ups and SUVs, and is currently developing an electric version of its popular F-150.
Ford boss Jim Hackett said the partnership with Rivian “brings a new approach” to the development of Fords electric vehicles and that the young company “can benefit from Fords industrial expertise and resources.
Rivian founder RJ Scaringe called the agreement a “key milestone in our effort to accelerate the transition to sustainable mobility.
Rivian will remain an independent company. Ford is the latest major investor the firm has achieved; it had already raised £894.5 million, including £544 million from online retail giant Amazon, it announced at the Los Angeles Motor Show.
The agreement is also the latest in a series of partnerships that Ford has achieved as part of its overall restructuring. He recently reached an agreement to work with Volkswagen on the development of a range of vehicles, including vans and mid-size vans, and talked about building vehicles using the MEB platform for electric vehicles in the German conglomerate.