Ford invests $500 million into Tesla competitor Rivian

Ford Motor Co. on Wednesday said it will invest $500 million into electric carmaker Rivian, making the up-and-coming Tesla competitor a key part of the $11 billion the Detroit automaker plans to invest into a fleet of its own electric vehicles.

Ford plans on developing a new vehicle with Rivian’s “skateboard” platform, the thin base frame of the vehicle that houses its brakes, suspension, cooling systems and battery. The car will be part of an electric car line-up from Ford that already includes a Mustang-inspired crossover and a zero-emissions version of the F-150 pickup.

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