Ford Invests $500M In Electric Truck Maker Rivian

FORD MAKES SIGNIFICANT FINANCIAL INVESTMENT INTO ELECTRIC VEHIVLES

(CNN) – Ford is stepping up its commitment to electric-powered vehicles.

The U.S. automaker says it will invest $500 million in electric pickup truck maker Rivian.

Ford says the two companies plan to work together to develop a Ford battery plug-in vehicle.

Ford also plans to continues its own electric vehicle development efforts, including a plug-in version of its popular F-150 pickup.

The automaker is the latest to invest in Rivian, which has yet to start production of any electric vehicle.

The company previously received an investment from Amazon.

As for Ford, it is looking to catch up to Rivals when it comes to creating and selling electric vehicles.

The automaker currently sells some plug-in hybrid cars, but not any pure electric models.

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