BREAKING NEWS

BREAKING NEWS

Tesla rival Rivian says Ford Motor invests $500 million in firm

Tesla rival Rivian says Ford Motor invests $500 million in firm
FILE PHOTO: Rivian introduces all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake -
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MIKE BLAKE(Reuters)
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(Reuters) - U.S. electric pickup truck startup Rivian Automotive LLC said on Wednesday that Ford Motor Co invested $500 million (£387 million) in the company, which is seen as one of the major rivals to Tesla Inc.

Investors led by Amazon.com Inc put $700 million into Rivian in February.

Ford and Rivian will jointly develop a battery electric vehicle using Rivian's platform, Rivian said.

A Ford representative will also join the seven-member board of Rivian.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr)

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