Economy

All-new Ford electric vehicle forms part of $US500 million Rivian investment

All-new Ford electric vehicle forms part of $US500 million Rivian investment”

The investment from Ford will build on Rivian's flexible skateboard platform to create a new electric-powered vehicle for the automaker. Revenue was $40.3 billion, compared with the mean estimate of just shy of $37.1 billion.

Ford Motor stated on Wednesday it is going to invest $500 million in US electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in supporting the possible competitor to Silicon Valley's Tesla Inc. In mid-day trade, Ford shares were flat at $9.50, while those of Tesla were down a fraction at $263.07.

The company is holding a conference call with CEO Jim Hackett and other executives at 5:30 p.m. ET to discuss the results. They will roll out at the USA first, then to other markets. Those two electric vehicles, together with the skateboard that Ford will utilize, will be constructed at Rivian's plant, a former Mitsubishi factory in Normal, Illinois. Included in its development portfolio is an electric sport utility vehicle (SUV) and a pickup truck, both of which are expected to appear in 2020.

Ford Motor Co on Thursday posted a better-than-expected first quarter largely due to strong pickup truck sales in its core US market and said it was more confident in its forecast 2019 would bring better results than a year ago. While in February Rivian also get $700 million investment from Amazon.

Amazon also said this week that it will partner with Ford in providing cloud-based transportation services. The Ford investment also helps establish Rivian as a serious rival to EV maker Tesla, Trucks.com reports.

Ford has said that it is working on an electric Mustang-type crossover targeted for release next year.

At the time that the Ford investment is approved by regulators, Joe Hinrichs, Ford president of Automotive will join Rivian's seven-member board of directors.

"As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both", he said.



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