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Rivian Scores Big Financing from Ford

(Credit: Rivian )

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Rivian Scores Big Financing from Ford

My how the tables have turned. After getting snubbed by General Motors, Rivian has found a new financial backer: Ford. The Blue Oval will invest $500 million in the Michigan-based electric automaker, and that might give it the competitive edge necessary in a growing fight.

While GM and others have sluggishly reacted to the threat of a Tesla pickup truck, Ford has announced it will move forward with an all-electric F-150. The company is playing catchup, but one shortcut is to borrow tech from a more experienced player. That’s where Rivian comes in.

As a minority stakeholder in Rivian, Ford could gain access to the Rivian skateboard, or the batteries and electric motors as well as the rest of the chassis. Rivian has announced some astounding numbers for the platform, but the F-150 won’t be using it. Development of the all-electric Ford truck has already started and Ford needs to keep moving forward if it wants to stay competitive. Still, the tech could come in handy on future Ford products.

Starting next year, Rivian says it will begin deliveries of its R1T pickup and R1S SUV. The batteries will range from 105 to 180 kilowatt-hours, with the largest capacity supposedly providing 400 miles of driving range.

By 2025, Rivian wants to have at the minimum six vehicles on the market. One is rumored to be a rally raid-style crossover, which would appeal to performance enthusiasts. Earlier this year, Rivian generated $700 million in investments from a group that included Amazon.

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