Following its success at the Los Angeles Auto Show last year, American EV startup Rivian has now scored an investment worth $500 million from US auto giant Ford.

The official release stated that the two companies will collaborate on an all-new battery electric vehicle using Rivian’s flexible “skateboard” platform. Ahead of this, Rivian had managed to snag a $700 million investment from Amazon.com last year. The online retailer had stated that Rivian posed as a potent long-term investment in using its EV tech for Amazon delivery trucks.

Rivian

The official release stated that the two companies will collaborate on an all-new battery electric vehicle using Rivian’s flexible “skateboard” platform.

“This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility,” said RJ Scaringe, Rivian founder and CEO. “Ford has a long-standing commitment to sustainability, with Bill Ford being one of the industry’s earliest advocates, and we are excited to use our technology to get more electric vehicles on the road.”

Last year, Ford official showed interest in Rivian. Speaking to Forbes, one of the executives even said, “We were impressed … this is the most serious and credible EV big vehicle we have seen.” The company clarified that its investment in Rivian is in addition to the $11 billion investment in EVs that aims at bringing 40 hybrid and fully electric vehicles by 2022.

EV Startup Rivian's CEO RJ Scaringe and Ford Executive Chairman Bill Ford

The company clarified that its investment in Rivian is in addition to the $11 billion investment in EVs that aims at bringing 40 hybrid and fully electric vehicles by 2022.

“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,” Ford Chief Executive Officer Jim Hackett said in a statement today. “At the same time, we believe Rivian can benefit from Ford’s industrial expertise and resources,” he added.

The company is tight-lipped about the electric vehicle that will use Rivian’s platform. However, we feel that the new F-150 pickup is not in the cards. Prior to this deal, “Ford has already confirmed two key fully electric vehicles: a Mustang-inspired crossover coming in 2020 and a zero-emissions version of the best-selling F-150 pickup,” spokesman Mike Levine said in a Twitter post.