Ford Invests $500M in Electric Vehicle [Canadian Business Journal (Canada)]
Ford Motor Company (F)
Last ford motor company earnings: 4/28 04:09 pm
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Source: Canadian Business Journal
Ford Invests $500M in Electric Vehicle, The Canadian Business Journal CBJ — Ford Motor Co. is investing $500 million into electric vehicle startup Rivian in a deal that has the companies working together on developing a new Ford electric vehicle. Ford become a minority partner in Rivian, which is headquartered in the Greater Detroit area. The partnership is yet another sign how traditional internal combustion engine automakers recognize the need to pay for significant capital costs of developing electric vehicles and even those that drive themselves, or risk being left behind. The main concern for traditional automakers is that nobody has a sense of just how long the transition will take. Some believe gas-powered vehicles will be around for at least another decade — while others say a major transformation will begin much sooner than that. “We are learning a great deal from this wonderful company and its leadership,” Ford CEO Jim Hackett said Wednesday. “We’re open-minded to its fresh
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