Ford Is Investing In The Amazon-Backed Electric Startup, Rivian

Ford has decided to invest a whopping $500 million in the electric vehicle startup Rivian that is backed by Amazon. The Blue Oval plans to sell a vehicle built on the company’s platform in the future. Ford CEO Jim Hackett did not reveal the type of vehicle it will be or when it will go on sale but did confirm that it will be in addition to the electric Mustang-inspired SUV and Ford F-150.

Rivian’s first two models feature four electric motors, air suspension systems and promise a per-charge range as high as 400 miles and are expected to start at around $69,000.