Ford Motor has agreed to invest $500 million in Rivian, an electric-car start-up that is widely seen as a potential rival to Tesla, Ford announced on Wednesday. Rivian, based in Plymouth, Mich., plans to begin producing a pickup truck and a sport utility vehicle by the end of next year. Both will be powered by battery packs and are designed to be luxury vehicles that could appeal to many of the consumers drawn to Tesla and its upscale models. The retail giant Amazon led a $700 million investment in Rivian in February. On Thursday, Ford is scheduled to report its first-quarter earnings, and many analysts expect a decline.

Source: New York Times April 24, 2019 12:03 UTC