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Ford announced on Wednesday that it was investing $500 Million dollars into Rivian with a minority stake in the company. In exchange Rivian will be sharing its skateboard platform with Ford and a brand new electric vehicle (EV) is in the works between the two companies. This is in addition to the $11 billion dollars that the company is investing in electric vehicles that was previously announced. That previous deal will create an all electric f150 pick up truck and an all electric crossover based on the mustang. Rivian is already producing the r1t an electric truck and the r1s an electric suv.

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