US-based Rivian has announced an equity investment of $500 million from Ford Motor Co, and the two businesses have agreed to jointly develop a new next-generation electric vehicle for Ford’s growing EV range that uses Rivian’s ‘skateboard’ platform.

RJ Scaringe, Rivian founder and CEO, said: “This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility. Ford has a long-standing commitment to sustainability, and we are
excited to use our technology to get more electric vehicles on the road.”

Rivian has already developed two new vehicles that are due for launch in 2020 — the five-passenger R1T pick-up and the seven-passenger R1S SUV.

These are expected to have 400-plus miles of range. Ford has already confirmed two fully electric vehicles — a Mustang-inspired crossover coming in 2020 and a zero-emissions version of its best-selling F-150 pick-up.

Jim Hackett, Ford president and CEO, said: “As we continue our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach for us.

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

In addition to developing a new electric vehicle using Rivian’s flexible skateboard platform, Ford will continue with plans to develop its own range of battery electric vehicles.

Rivian will remain an independent company, but Joe Hinrichs, Ford’s president of automotive, will join its seven-member board.