DETROIT, Oct 12 (Reuters) – Ford Motor Co (F.N), which has repeatedly touted its strategic relationship with electrical automobile maker Rivian, no longer has a representative on the startup’s board of administrators forward of its going public.
While an announcement was by no means made, Ford government Alexandra Ford English left the Rivian board in May in response to paperwork Rivian made public on Oct. 1 forward of its deliberate preliminary public providing.
“Rivian is a strategic investment and we’re still exploring ways for potential collaboration with them. We don’t have anything to announce today,” Ford spokesman Ian Thibodeau stated on Wednesday.
Ford, which holds a stake higher than 5% in Rivian in response to a submitting with the U.S. Securities and Exchange Commission, had a seat on the Rivian board when it was a personal firm, however that may not proceed as Rivian went public, Thibodeau stated.
English, daughter of Ford Executive Chairman Bill Ford, joined Rivian’s board in May 2020, changing Joe Hinrichs after he left Ford. At the time English was added, Rivian Chief Executive R.J. Scaringe cited her ardour for mobility and electrification, in addition to her connection to the corporate’s lengthy household position in transportation.
Rivian declined to touch upon Wednesday past paperwork it filed with U.S. regulators, citing the quiet interval forward of its IPO. In the SEC submitting Rivian stated, “Following this offering, none of our stockholders will have any contractual rights to elect or designate members of our board of directors.”
When Ford stated in March that English would be part of Ford’s board, its press launch recognized her because the No. 2 U.S. automaker’s representative on Rivian’s board. She was formally elected to Ford’s board in May. learn extra
Ford executives have repeatedly pressured that the corporate’s relationship with Rivian is strategic, however Ford’s Lincoln division in April 2020 canceled plans to construct EVs with Rivian, a transfer to economize throughout the pandemic.
Ford has invested greater than $820 million in Rivian over two fundraising rounds, in response to the SEC submitting. The submitting didn’t embrace info on the most recent $2.5 billion funding spherical Rivian introduced in July that additionally included Ford. learn extra
Amazon.com(AMZN.O) and Cox Automotive, which even have Rivian stakes higher than 5%, nonetheless have board representatives.
In May, Ford chief product platform and operations officer Hau Thai-Tang referred to as Rivian a strategic associate and stated Ford was nonetheless taking a look at utilizing Rivian’s merchandise.
In a February convention name with analysts, Ford CEO Jim Farley stated, “We love what R.J. is doing at Rivian. It’s a strategic investment. It’s not a transactional investment. We’ll keep you updated, but that’s a very fundamental bet.”