(Reuters) - U.S. electric pickup truck startup Rivian Automotive LLC said on Wednesday that Ford Motor Co invested $500 million (£387 million) in the company, which is seen as one of the major rivals to ... Read More...
FILE PHOTO: Rivian introduces all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake
(Reuters) – U.S. electric pickup truck startup Rivian Automotive LLC said on Wednesday that Ford Motor Co invested $500 million (£387 million) in the company, which is seen as one of the major rivals to Tesla Inc.
Investors led by Amazon.com Inc put $700 million into Rivian in February.
Ford and Rivian will jointly develop a battery electric vehicle using Rivian’s platform, Rivian said.
A Ford representative will also join the seven-member board of Rivian.
(Reporting by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr)
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