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Ford Invests $500 Million in Rivian to Overshadow Tesla

Ford Invests $500 Million in Rivian to Overshadow Tesla

Although it already has its own electric vehicles, Ford wants to expand its options. That's why it has announced a $500 million investment in Rivian, the company that for some will be Tesla's great rival.

Until a few months ago, Rivian was a great unknown to the general public. Headquartered in Michigan, it was founded in 2009 but wasn't unveiled until the Los Angeles Motor Show last November, when it introduced the Rivian R1S and R1T, both electric vehicles. The first is a 750 HP electric SUV that could be reminiscent of the Tesla Model X. But the surprise came with the R1T, because it is the first electric pickup in the market. A typical American truck, with its large size and power, but without combustion engine, and this is what makes it unique among its kind.

rivian r1t pickup electtic 2019 8
Rivian R1T / © Rivian

Several companies quickly saw the potential of this company. Amazon invested $700 million in February and Japanese tyre manufacturer Sumimoto did the same for $500 million.General Motors' interest in Rivian has increased since then, and has just materialized with Ford's investment of 500 million dollars (some 450 million euros).

"Ford intends to develop a new vehicle using Rivian's flexible modular platform," said the auto maker. This news comes shortly before Ford's quarterly results, which are not expected to be positive. For its part, Tesla, although still a leader in the United States, is not having a good year. We will see how this news affects Elon Musk's company, which has already stated that it may present a pickup this summer,

Rivian expects to begin marketing its vehicles in 2020 in the United States, to expand to other markets the following year, with a price in excess of 68,000 dollars.

Source: NY Times

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