Ford is investing $500 million in electric pickup truck maker Rivian, saying the two companies will work together to develop a new battery plug-in vehicle for Ford. CNN reports: Company executives said Ford will still move ahead with its own electric vehicle development efforts, including a plug-in version of the Ford F-150 pickup. They said the vehicle it will develop with Rivian will be an addition to its future lineup. Ford has announced plans to spend $11 billion transforming the company in coming years, including a move toward electric and self-driving vehicles. It said Wednesday that this $500 million investment is in addition to that $11 billion effort. It also said the joint effort with Rivian is in addition to Ford’s plans to work with Volkswagen to develop a number of vehicles, including electric ones.
Rivian has yet to start production of its electric trucks. Its first vehicle, a high-end electric pickup truck with planned range of more than 400 miles on a single charge, will be available in late 2020, the company says. Rivian has nevertheless attracted significant investment from many deep-pocket investors, including a $700 million investement from Amazon announced in February.
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