Ford wants to build an electric vehicle on Rivian’s platform following a $500 million investment in the California startup.
Rivian impressed the automotive world last year when it introduced its all-electric pickup and SUV. It drew the attention of investors like Amazon and even GM—though the latter tie-up recently fell apart.
Ford said Wednesday that the vehicle it co-develops with Rivian will be in addition to the portfolio of electrified vehicles it is planning before 2022. That portfolio comes from an $11 billion investment the company is making in electrification that will include the hybrid Mustang-inspired crossover it has been teasing since last year.
Despite the investment, Rivian will remain independent of Ford. If the deal is approved by regulators, Ford’s president of automotive, Joe Hinrichs, will join Rivian’s seven-member board.
“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,” Ford CEO Jim Hackett said in a statement. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”