(Reuters) – U.S. electric pickup truck startup Rivian Automotive LLC said on Wednesday that Ford Motor Co invested $500 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.
