Ford invests $500 million in electric pickup truck maker Rivian

Ford is investing $500 million in electric pickup truck maker Rivian, saying the two companies will work together to develop a new battery plug-in vehicle for Ford.

Ford is playing catch-up to a number of other automakers' efforts to develop electric vehicles. It does not currently sell any pure electric vehicles, although it sells some plug-in hybrid cars.

Ford to build electric vehicles in Michigan

Company executives said Ford will still move ahead with its own electric vehicle development efforts, including a plug-in version of the Ford F-150 pickup. They said the vehicle it will develop with Rivian will be an addition to its future lineup.

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