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Ford and Rivian’s partnership began in April 2019 when Ford invested $500 million in the electric vehicle (EV) startup Rivian. In addition to the investment, the companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio using Rivian’s skateboard platform. The investment gave Ford access to Rivian’s skateboard platform, which can be used to build multiple electric vehicles. But now, everything has gone out the window. Today we take a look at ford and Rivians history. And why they broke up.
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At the time, Ford was looking to expand its electric vehicle lineup and saw potential in Rivian’s platform.
quote. “This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility, 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. end quote. said RJ Scaringe.
Not only did they agree to work together but Ford and Rivian also agreed to work together on the development of a new electric vehicle. The companies did not provide many details about the vehicle at the time, but it was rumoured to be an electric SUV. Ford also announced that it would use Rivian’s platform to develop a new EV for its luxury brand Lincoln.
By then, Rivian had already developed two clean-sheet vehicles with adventurers at the core of every design and engineering decision. The company’s launch products – the five-passenger R1T pickup and seven-passenger R1S SUV aimed to deliver up to 400-plus miles of range and provide an unmatched combination of performance, off-road capability and utility, starting in late 2020. The R1 vehicles were unmatched in the electric vehicle space and very enticing to Ford. Ford hoped to use Rivians technology to fastrack the development and accumulation of knowledges about electric vehicles.
At the time, ford announced as part of its previously announced $11 billion EV investment, that the company was going to make two key fully electric vehicles: a Mustang-inspired crossover coming in 2020, what we now know as the mustang mach E and a zero-emissions version of the best-selling F-150 pickup which we know know as the Ford f 150 lightning.
Ford owned about 12% of the company through equity and bond investments that started in 2019, according to public filings by Rivian. Based on Rivian’s closing price of $100.73 a share Wednesday 10th november 2021 following its Nasdaq debut, Ford’s roughly 102 million shares of the company, which included notes that converted to shares in June of 2021, were worth about $10.3 billion. It purchased its equity stake for an aggregate of $820 million, according to public documents.