The automobile, utility, energy and technology companies are spending billions of dollars every year on research on electric vehicle (EV) design, battery storage and charging systems. New partnerships are continually being formed in the race to develop the next innovation in the EV market.
Ford Motor Company (Ford) has announced it will make a $500 million investment in Rivian. Ford and Rivian have also formed a strategic partnership to develop a next-generation EV for Ford, using Rivian’s skateboard platform.
Ford, founded in 1903 is a multinational automaker that is headquartered in Dearborn, Michigan. Rivian, founded in 2009 is an automotive technology company that is headquartered in Plymouth. Rivian builds electric sport utility vehicles and electric trucks.
Ford is also developing a portfolio of EVs in addition to the next-generation EV with Rivian. In 2020, Ford plans to begin production of a fully electric Mustang-inspired crossover vehicle and a version of the F-150 pick-up truck. Ford president and CEO, Jim Hackett said, “As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both.”
Virtually every month, I read about new innovation in the field of EVs. New batteries have recently been developed that will allow an EV to drive over 500 miles on a single charge. More importantly these new batteries can be fully recharged in the same amount of time it takes to fill an internal combustion engine vehicle with gasoline or diesel. In my opinion, the day of the EV will be here much sooner than most people think.
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