When Ford initially participated in its tactical alliance with Rivian, it appeared that it was the supreme win-win situation for both business. Rivian would get a much-needed infusion of cash while Ford would have the ability to work and use Rivian’s skateboard lorry platform for future designs. However, it appears that Ford’s concerns in the collaboration with the departure of its only board agent Alexandria Ford-English
Ford English’s Exit Was A Stealthy One
Alexandria Ford English’s exit from Rivian was one that produced little excitement, with Ford not officially revealing her May departure openly. This discovery just appeared on October 1st when Rivian exposed the info ahead of its IPO strategies. English was changed in June by Ford Vice President Doug Powers prior to he himself left the board in September.
Ford for its part safeguarded its dedication in concerns to Rivian and launched a quick declaration which was said by Ford representative Ian Thibodeau. “Rivian is a strategic investment and we’re still exploring ways for potential collaboration with them. We don’t have anything new to announce today.”
When English initially signed up with Rivian’s board in May 2020, her arrival was commonly applauded with Rivian Chief CEO R.J. Scaringe exposing that he liked her enthusiasm for movement and electrification while likewise explaining her connections to Ford’s enduring history in the transport sector. Rivian has up until now decreased to talk about the matter with business associates pointing all queries to files they sent to the SEC.
Ford Still Has Vested Stake In Rivian
While the current workers shakeup might appear bad initially look, it seems a part of a larger strategy. Thibodeau did state a long time ago that while it had an agent on the board when Rivian was a personal business, that plan was going to alter when Rivian sent its IPO demand and went public.
Ford still has a 5% stake in Rivian according to files submitted with the U.S. Securities and Exchange Commission though it will now be the only significant stakeholder without a representative on Rivian’s board. In contrast, Amazon another crucial financier in Rivian likewise has approximately the very same stake in the upstart company, however it still has an existence in the board space.
Ford is likewise open up to utilizing Rivian’s tech in future items though the business did cancel a mystical Lincoln EV that would’ve utilized Rivian’s skateboard architecture in the middle of the pandemic as the business was rushing to conserve money when the pandemic was triggering enormous damage to the international economy.