Ford invests $500 million in Rivian to create new electric cars

Ford has announced that it is investing $500 million in electric car start-up Rivian. Rivian gained prominence earlier this year when it unveiled the R1T and R1S electric car and pickup truck. The electric vehicles had around 400-miles of range, bold new design, and enviable specs lists. The cars made a buzz at the motor show they launched at and are now some of the most anticipated electric concepts.

The new strategic partnership will be used to develop and bring a new electric Ford to market.

Ford has confirmed that an electric Mustang-based SUV is in development but compared to some of its peers it is slacking in the EV market.

Hopefully, this partnership could turbocharge the firm’s approach.

The Blue Oval carmaker will gain access to Rivian’s modular ‘skateboard’ electric platform which has been freshly developed by Rivian.

“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian founder and CEO.

“Ford has a long-standing commitment to sustainability, with Bill Ford being one of the industry’s earliest advocates, and we are excited to use our technology to get more electric vehicles on the road.”

Ford is one of the biggest carmakers in the world and some of its cars are the most popular sold globally.

“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,” said Jim Hackett, Ford president and CEO.

“At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”

Ford has previously committed $11 billion towards the development of electric vehicles. R1T is an all-electric pickup truck which has around 400-miles on a charge and can go from 0-60mph in 3.2 seconds.

There is expected to be three different battery pack option – 105 kWh, 130 kWh, and 180 kWh – equating to real-world range of 230+ miles, 300+ miles, and 400+ miles.

The R1S SUV has up to seven-seats, over 400-miles of range from the same size battery packs. It will produce range of either 240, 310 and 420 miles on a single charge.

source: express.co.uk