The Ford Motor Company has announced a $500 million investment in EV startup Rivian, and it will build an electric pickup truck using Rivian’s tech, the companies announced on Wednesday. The truck will not be the electric F-150 that Ford has been developing, but something new instead, Ford CEO Jim Hackett said on a call with reporters.
Just two months ago, Rivian announced a $700 million investment round led by Amazon. Rivian was also in talks with GM, but the startup reportedly backed out of the potential deal.
Rivian came out of stealth mode in 2018, but it has been in existence for about a decade. Unlike some flashier EV startups, Rivian didn’t announce its first vehicles — the R1T electric pickup truck and the R1S SUV, due in late…
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