Rivian on Wednesday announced an equity investment of $500 million from Ford Motor Company. The companies plan to develop a new, next-generation battery electric vehicle for Ford's growing EV portfolio using Rivian's skateboard platform.
"This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility," said RJ Scaringe, Rivian founder and CEO. "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."
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