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Ford To Invest $500M In Electric Vehicle Startup

/ CBS Detroit

DETROIT (AP) — Ford is sinking a half-billion dollars into electric vehicle startup Rivian in a deal that has the companies working together on a new generation of Ford vehicles based on Rivian underpinnings.

Ford is investing $500 million in electric pickup truck maker Rivian, saying the two companies will work together to develop a new battery for plug-in vehicles.

Ford will become a minority partner in Rivian, which is based outside of Detroit and recently rolled out a new electric pickup truck and an SUV that will go on sale late next year.

Ford CEO Jim Hackett says in a statement that the partnership will bring a fresh approach to Ford's intelligent and electric vehicles. He says Rivian will benefit from Ford's manufacturing expertise and resources.

Rivian will remain an independent company. But Ford President of Automotive Joe Hinrichs will get a seat on the startup's seven-member board.

© 2019 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

© 2019 CBS Broadcasting Inc. All Rights Reserved.

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