DETROIT — Ford Motor Co., which has repeatedly touted its strategic relationship with electrical car 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 govt Alexandra Ford English left the Rivian board in May in keeping with paperwork Rivian made public on Oct. 1 forward of its planned initial public offering.
“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 better than 5 p.c in Rivian in keeping with a submitting with the U.S. Securities and Exchange Commission, had a seat on the Rivian board when it was a non-public company, 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 CEO R.J. Scaringe cited her ardour for mobility and electrification, in addition to her connection to the company’s lengthy household function 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.”