By Keith Naughton | Bloomberg
Ford Motor Co. has vacated its seat on the board of Rivian Automotive Inc. because the Irvine-based electric-truck startup prepares to go public with an anticipated valuation of $80 billion.
Doug Energy, Ford’s newly employed vp of company growth, stepped down from Rivian’s board final month. He had taken the spot held by Alexandra Ford English, the great-great granddaughter of founder Henry Ford, who left Rivian in Could when she turned a director at her namesake firm.
Rivian simply started producing its extremely anticipated R1T plug-in pickup, a competitor to Ford’s upcoming electrical F-150 Lightning that’s set to debut subsequent spring. Basic Motors Co. and Tesla Inc. even have electrical pickups coming in 2022 as the marketplace for these fashions heats up. Rivian additionally has a profitable contract and monetary backing from Amazon.com Inc., which has ordered 100,000 electrical supply vans.
Associated: The place did Rivian’s electrical truck come from? It’s an extended, messy highway
Ford has invested greater than $820 million in Rivian, giving it greater than a 5% stake within the California-based automotive startup, in response to paperwork Rivian filed prematurely of its public providing. The 2 corporations canceled plans final yr to collectively develop an electrical car for Ford’s Lincoln luxurious line.
“That is nonetheless a strategic funding and we’re nonetheless working with Rivian to determine a technique to doubtlessly collaborate,” stated Ian Thibodeau, a Ford spokesperson. “We had a board seat as Rivian was a personal firm, however as they go public, Ford gained’t have a presence on the board.”
When Ford English joined Rivian’s board, she changed Joe Hinrichs, Ford’s former automotive president who had left the corporate abruptly in a administration shakeup. On the time, Rivian founder and Chief Govt Officer R.J. Scaringe praised Ford English for her “deep ardour for mobility and electrification, and her connection to Ford’s lengthy household position in transportation.”
In different Rivian information, Amazon founder and former CEO Jeff Bezos shuttled passengers to the Blue Origin launch pad Wednesday in a Rivian truck. It was the second crewed flight into suborbital house with a manifest together with 90-year-old “Star Trek” actor William Shatner, who turned the oldest individual to blast off the planet. shuttled the passengers of Blue Origin in a Rivian truck. The crew launched early Wednesday morning on a 10-minute trip into house and again.