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 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 (HIN-ricks) will get a seat on the startup's seven-member board.