Ford is sinking a half-billion dollars into electric vehicle startup Rivian in a deal that has the companies working together on a new Ford electric vehicle based on Rivian underpinnings.
Ford Motor Co. will become a minority partner in Rivian, which is based outside of Detroit and recently rolled out a new electric pickup truck and an SUV that will go on sale late next year.
Rivian CEO and founder RJ Scaringe said his company will benefit from Ford's manufacturing and lightweight vehicle expertise. The Dearborn, Michigan, automaker's top-selling Ford F-Series pickup truck has an aluminum body that shaved off as much as 700 pounds from the previous version of the truck. On a conference call with reporters and analysts, neither company would disclose what Ford vehicle would be built off the Rivian underpinnings, which the company calls its "skateboard platform." Hinrichs said the partnership will speed development and save money on the new Ford vehicle. Rivian would build the platform, which would be sent to Ford for final vehicle assembly, Hinrichs said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla rival Rivian says Ford Motor invests $500-million in firmTesla rival Rivian says Ford Motor invests $500-million in firm GlobeBusiness
Read more »
Kelly McParland: What Ford can learn from past battles with Ontario’s powerful teachersAs usual, everyone is insisting their only concern is the students, though students and their parents are always the ones who suffer
Read more »
Ford government’s plan to put ‘Open for Business’ stamp on capital markets raises eyebrowsSome fear the measures being proposed push too far onto turf usually reserved for arm’s-length regulators
Read more »
Ontarians Fighting Back Against Province's Cuts To Library Services'Ford Nation wants an uneducated, urban-living, ignorant, isolated Ontario'
Read more »
Ontario’s New Anti-Carbon Tax Radio Ad Doesn’t Mention Promised RebatesThe Ford government is using public funds for partisan advertising, the opposition says.
Read more »
Opinion: The Ford government needs to realize the long-term benefits of pay equityThe province’s freeze on the Pay Transparency Act rewards businesses putting profit ahead of ethics
Read more »
Justin Trudeau has only one option now: fight - Macleans.caStephen Maher: If he hopes to keep his job in October, the PM has to start swinging, going after Jason Kenney and Doug Ford as remorselessly as they are going after him
Read more »
U.S. Vice President Mike Pence to visit Michigan to tout new North American trade deal, sources sayPence will speak at an event with automakers and auto suppliers in Taylor, Michigan and is expected to tour a Ford Motor Co. truck plant in Dearborn
Read more »
Doug Ford's fundraising emails yet to come - Macleans.caA glitch in the space-time continuum gifts Tabatha Southey a bunch of Doug Ford fundraising emails from the future—visions of the days to come, dread warnings and requests for $1
Read more »
Ford government to cut $1-billion in funding to Toronto Public Health over 10 years, board chair saysIn a conference call, the Health Ministry told public health officials from across the province it would be phasing in funding cuts to some programs by as much as 50 per cent, Joe Cressy said, with municipalities left to fund the gap
Read more »
Voit homers twice to lead Yankees over Angels - TSN.caLuke Voit homered twice, Mike Ford went deep for the first time in the majors and the New York Yankees beat the Los Angeles Angels 7-5 Tuesday night for their fifth straight win.
Read more »