Ford was one of Rivian's early major investors in 2019 and currently holds a 12% stake in the startup. The companies announced in January 2020 that Rivian would build an electric SUV for Lincoln but canceled the project in April of that year amid the outbreak of the coronavirus pandemic.
Since then, Ford has accelerated spending on its own electric vehicle projects, including new vehicle and battery factories in Kentucky and Tennessee.
"Right now, we have growing confidence in our ability to win in the electric space," Farley told Automotive News.
|F||FORD MOTOR CO.||13.86||-0.22||-1.56%|
|RIVN||RIVIAN AUTOMOTIVE INC.||31.36||-0.12||-0.38%|
Ford invested a total of $1.2 billion in Rivian, but its position is worth over $12 billion following Rivian's recent IPO.
"Rivian's a special case for us; it's kind of like a brother or a sister, since we're an investor," Farley said. "We know [CEO RJ Scaringe] and the company really well."
A Ford subsidiary called Troy Design and Manufacturing also helped build Rivian's prototypes and remains a parts supplier for its first production vehicles.
Ford board member Alexandra Ford English gave up her position on Rivian's board of directors in May.