Newcomers in the automotive market often tend to partner with larger automakers in order to reduce the cost of building and develop their vehicles. Rarely is it the other way around. Large automakers usually have the funds and technology to build and develop something in-house. However, it does happen once in a while, the most recent of which being Ford partnering with upcoming electric vehicle producer Rivian.

Ford Motor Company has announced that they will be investing $500 million into Rivian as part of a new strategic partnership. As part of the investment, Ford’s president of automotive will be joining Rivian’s seven-member board of directors. 

More interestingly, however, the two will also be developing a new battery-electric vehicle exclusive to Ford. The new Ford EV will be using Rivian’s flexible ‘skateboard’ platform. According to the Blue Oval, the Rivian-based EV will be an addition to their upcoming line-up of electric vehicles such as the Mustang-inspired crossover and the electric F-150.

Ford pours $500 million into Rivian to develop new EV image

Aside from the announcement, Ford did not disclose any details regarding their upcoming model such as performance, specs or where it will be built. However, they did say that the Ford vehicle will not necessarily compete with Rivian’s models. 

"As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both. At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources,” said Jim Hackett, Ford president, and CEO. 

Production of the R1S and the R1T is set to begin in 2020. The new financial investment from Ford will certainly help out Rivian as well in streamlining production as sales begin.