The US-based automotive giant, Ford, is set to invest $500mn in the electric vehicle start-up, Rivian, in a bid to keep pace with competitors in the field, according to Financial Times.
The deal is set to see Rivian, who has developed its own battery pick-up truck, provide Ford with its skateboard architecture for an all-new battery electric vehicle to be manufactured by the US automotive firm. It was revealed that Ford beat its rival General Motors to secure the partnership.
It is expected that the new vehicle will not alter Ford’s plans to unveil a battery version of its popular F-150 pick-up truck in 2021.
Ford and fellow automotive powerhouse, Volkswagen, has been in discussions for months about Ford utilising the VW’s electric technology, MEB, following the global alliance established in January to develop a number of future vehicles and technologies in collaboration.
Ford’s chief executive Jim Hackett said: “One of the great benefits is the opportunity to go faster, so speed is a big part of this.”