Ford Motor Company announced a $ 500 million investment in the EV Rivian launch company, and will build an electric van using Rivian technology, the companies announced Wednesday. The truck will not be the electric F-150 that Ford has been developing, but something new in its place, Ford Chief Executive Jim Hackett said in a call to reporters.
Just two months ago, Rivian announced a $ 700 million investment round led by Amazon. Rivian was also in talks with GM, but, reportedly, the startup withdrew from the possible agreement.
Rivian left the stealth mode in 2018, but it has existed for about a decade. Unlike some more eye-catching EV startups, Rivian did not announce its first vehicles, the R1T electric pickup and the R1S SUV, which will be launched in late 2020, until it closed a manufacturing plant to build them. He also showed those vehicles much later in their development cycle.