Ford is Investing $500 million in Rivian electric pickup Automaker company

Ford is putting $500 million in electric pickup truck producer Rivian, saying the two organizations will cooperate to build up another battery module vehicle for Ford.

Ford (F) is playing make up for lost time to various other automakers’ endeavors to create electric vehicles. It doesn’t at present sell any unadulterated electric vehicles, in spite of the fact that it offers some module half and half autos.

Organization officials said Ford will in any case push forward with its very own electric vehicle improvement endeavors, incorporating a module form of the Ford F-150 pickup. They said the vehicle it will create with Rivian will be an expansion to its future lineup.

“We don’t have every one of the appropriate responses and we don’t claim to,” said Joe Hinrichs, leader of Ford’s car unit. “We trust the following decade will be a transformative time as far as jolt.”

Ford has declared designs to burn through $11 billion changing the organization in coming years, including an advance toward electric and self-driving vehicles. It said Wednesday that this $500 million speculation is notwithstanding that $11 billion exertion. It likewise said the joint exertion with Rivian is notwithstanding Ford’s arrangements to work with Volkswagen to build up various vehicles, including electric ones.

Rivian CEO: Our electric trucks are happy with getting grimy

Rivian presently can’t seem to begin creation of its electric trucks. Its first vehicle, a top of the line electric pickup truck with arranged scope of in excess of 400 miles on a solitary charge, will be accessible in late 2020, the organization says. Rivian has by and by pulled in critical speculation from some profound pocket financial specialists, including a $700 million investement from Amazon (AMZN) declared in February.

What’s more, Rivian said it examined a conceivable speculation with various other top automakers before hitting the arrangement with Ford.

RJ Scaringe, Rivian’s originator and CEO, would not discount working with different automakers later on, in spite of the fact that he said he’s currently centered around his concurrences with Ford and Amazon.

The organizations likewise did not uncover how huge a stake in Rivian Ford’s venture is value. Rivian will remain a free organization. Hinrichs will turn into an individual from the Rivian board.