Ford joining Amazon investing in electric truck maker Rivian

Posted April 25, 2019

This press release features multimedia.

Rivian and Ford will partner on a Ford-branded electric vehicle.

Hackett, 64, said on a conference call Wednesday that the deal with Rivian won't interfere with Ford's talks with VW.

"Rivian will become a significant supplier of technology to other automakers while also being an automaker itself", Rivian spokesman Michael McHale said Wednesday. Ford has been talking about electric vehicles, specifically pickup trucks.

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In a statement, Ford CEO Jim Hackett says the partnership will bring a fresh approach to Ford's intelligent and electric vehicles.

Rivian CEO and founder RJ Scaringe said his company will benefit from Ford's manufacturing and lightweight vehicle expertise. That's because Ford just announced a half-billion partnership deal with electric vehicle maker Rivian. In the US, Ford has shifted its focus to pick-ups and SUVs, and it's now developing an electric version of its hugely popular F-150. Ford has stated that it intends to build a battery-electric version of its best-selling F-150 pickup truck, and Rivian's R1T is proof that the company's EV platform can serve as the basis for a truck.

Ford's said its investment in Rivian is separate from the No.2 US automaker's previously announced $11 billion investment in EVs, which include 40 hybrid and fully electric vehicles in its model lineup by 2022.

Assuming the deal goes through, Joe Hinrichs, Ford's president of automotive, will join Rivian's seven-member board of directors.

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"They can multitask", Krebs said by phone.

"There's a big push by the entire industry to make electric vehicles and there's a lot of competition downstream, so there will be a lot of choices for consumers", Michael Thomas Staiger, research analyst at Odeon Capital Group, recently said.

Rivian has a large engineering and administrative operation in the Detroit suburb of Plymouth Township, Mich., as well as outposts in San Jose and Irvine, Calif., and Surrey, England. Rivian will launch the R1T and R1S in the late 2020, with introduction to other global geographies starting in 2021.

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