Rivian announced an equity investment from Ford Motor Company.

Rivian and Ford form a strategic partnership through a US$500 million investment, with both companies agreeing to work together to develop an all-new battery electric vehicle for Ford using Rivian’s flexible skateboard platform.

“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian Founder and CEO. “Ford has a long-standing commitment to sustainability, with Bill Ford being one of the industry’s earliest advocates, and we are excited to use our technology to get more electric vehicles on the road.”

“We are excited to invest in and partner with Rivian,” said Bill Ford, Ford’s Executive Chairman. “We share a common goal to create a sustainable future for our industry through innovation.”

Rivian has previously developed two clean-sheet vehicles: the five-passenger R1T pickup and the seven-passenger R1S SUV. These launch products will deliver up to 640-plus kilometres of range, amazing performance, off-road capability and utility, and adventurous design and engineering. The products should be available starting in late 2020.

“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,” said Jim Hackett, Ford President and CEO. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources.”

Ford intends to add the new vehicle developed with Rivian’s platform to their existing lineup of EVs, which has its own investment of US11 billion. Two Ford vehicles that will be fully electric are the Mustang-inspired crossover, which is coming in 2020, and a zero-emission version of the best-selling F-150 pickup.

Rivian remains an independent company. The investment is subject to customary regulatory approval. Following Ford’s investment, Joe Hinrichs, Ford’s President of Automotive, will join Rivian’s seven-member board.