4/24/2019, 2:20 PM (Source: TeleTrader)
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Rivian to receive $500M investment from Ford

Electric pickup truck manufacturer Rivian Automotive announced on Wednesday that American automotive giant Ford Motor Company will invest $500 in the company.

The two carmakers struck a partnership which will focus on using Rivian's technology to develop the next-generation battery electric vehicle for Ford as it looks to expand its electric vehicle portfolio.

"This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility," Rivian CEO RJ Scaringe stated. "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," he added.

Breaking the News / NP