Ford is investing $500 million ( or ₦180 billion in Naira) in all-electric pickup truck and SUV maker , Rivian, saying it will sell vehicles built on the Rivian’s platform in the coming years.
The now famous Rivian skateboard design for Electric vehicles , where the batteries lie flat in the floor and electric motors sit at the axles, boasts industry-leading specs.
Since debuting its long-range electric R1T pickup and R1S SUV last year, Rivian has attracted a lot of investment interest. The automaker previously grabbed a $700 million investment from Amazon.com last year.
Ford is currently playing catch-up to a number of other automakers’ in its efforts to develop electric vehicles.
President of Ford’s automotive unit said :
“We don’t have all the answers and we don’t pretend to,” said Joe Hinrichs”
“We believe the next decade will be a transformative time in terms of electrification”
Three months ago, Ford and Volkswagen announced a new alliance at the North American International Auto Show that will see both automakers build and release commercial vans and medium-sized pickups as early as 2022.
The move will help both auto giants speed up and save money on their development of electric and self-driving car technology.