“It seems possible that Ford Motor Credit could provide financing for either Rivian fleet or Ford fleet services, Chesbrough said. “Given the ever-changing mobility world, there are many new opportunities, and anything is possible.”
If the investment is approved by the Securities and Exchange Commission, the two OEMs will work together to develop an all-new battery electric vehicle for Ford’s EV portfolio. In addition, Joe Hinrichs, president of automotive at Ford, will join Rivian’s seven-member board.
Ford has already invested $11 billion in its electric vehicle portfolio and confirmed two forthcoming all-electric vehicles: a Mustang-inspired crossover and a zero-emissions F-150, according to a company press release. Similarly, Rivian is producing a battery electric SUV and a pickup truck. With the investment, Ford will join Amazon — which invested $700 million in February — as one of Rivian’s largest backers. Rivian could not be reached for comment, and a Ford spokeswoman declined comment.
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