Rivian stressed that it would remain an independent company, but acknowledged that Ford's automotive president Joe Hinrichs was joining its board of directors.

It's easy to see the potential benefits for both companies. Rivian, of course, gets another huge injection of cash at a time when its first self-branded vehicles still haven't reached the road -- this helps it fulfill that vision. With Ford, meanwhile, it's a fast track to becoming a truly EV-oriented company. It doesn't have to design multiple platforms (or heavily modify an existing platform) to create zero-emissions vehicles for a wider audience. What Ford spends now could pay dividends by giving it an advantage over rival automakers, even if it eventually turns Rivian into one of those competitors.