Ford Motor to put $500 million into electric vehicle startup Rivian
Summary
(Reuters) - Ford Motor Co said on Wednesday it will invest $500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley’s Tesla Inc. Ford said it will use Rivian’s “skateboard” - a chassis that bundles electric motor, batteries and controls - to build a new vehicle for North America. On Wednesday, Ford Chief Executive Jim Hackett said the deal with Rivian does not affect Ford’s discussions with Volkswagen AG about sharing the German automaker’s electric vehicle architecture. On Wednesday, a GM spokesman said the automaker “does not comment on discussions with other parties as a matter of policy.” In February, Amazon said it would lead a $700 million investment in Rivian. 2 U.S. automaker’s previously announced $11 billion investment in EVs, which include 40 hybrid and fully electric vehicles in its model lineup by 2022. In March, VW and Ford signed a deal to develop mid-size pickup trucks and are continuing discussions about extending the alliance to include electric and autonomous vehicles and mobility services.
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