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Ford invests $500 million in electric car startup Rivian
On Wednesday morning, Ford announced that it will invest $500 million in the electric vehicle startup Rivian. Assuming regulatory approval, the two will form a strategic partnership, with Ford taking a minority stake in Rivian. Joe Hinrichs, Ford's president of automotive, will get a seat on Rivian's board, but more importantly, Ford will use Rivian's battery EV platform to build a new Blue Oval-badged BEV. "This strategic partnership marks another key milestone in our drive to accelerate the transition to sustainable mobility.