(Reuters) – Ford Motor Co said on Wednesday it will invest $500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley’s Tesla Inc.
FILE PHOTO: R.J. Scaringe, Rivian’s 35-year-old CEO, introduces his company’s R1T all-electric pickup and all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake
Ford said it will use Rivian’s “skateboard” – a chassis that bundles electric motor, batteries and controls – to build a new vehicle for North America. It did not provide details on what type of vehicle, and where or when it would be built.
On Wednesday, Ford Chief Executive Jim Hackett said the deal with Rivian does not affect Ford’s