Ford invests $500 mn in electric vehicle startup Rivian

Ford Motor Co. said Wednesday it was investing $500 million in Rivian as part of a strategic partnership with the startup developing electric pickup trucks and sport utility vehicles. The tieup will enable Ford to develop its own branded electric vehicle using Rivian's "flexible skateboard platform," according to a statement from the two companies. "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 chief executive.

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