Ford announced today that it would be investing $500 million in Electric Vehicle startup Rivian. The move will gain Ford access to Rivian's flexible skateboard platform. Ford will co-develop the vehicle with Rivian and will join the already planned Ford F-150 EV and a Mustang inspired crossover EV. Ford will provide Rivian with industrial expertise and resources.
Rivian will remain an independent company and the investment is subject to regulatory approvals.