There is no longer a Ford Motor Company representative on Rivian’s board of directors. However, Ford still appears to have a strong partnership with the company.
Based on Rivian SEC documents released to the public on October 1, Ford executive Alexandra Ford English left the EV startup’s board of directors in May 2021, a year after her appointment. In March 2021, the old OEM announced in a press release that English would join Ford’s board of directors. In May she was officially elected to Ford’s board of directors.
In June 2021, Ford Vice President Doug Power became the old automaker’s representative on Rivian’s board of directors, replacing English. However, a few months later, in September, he also left Rivian’s board of directors.
“Rivian is a strategic investment and we are still looking for opportunities to work with them. We have nothing to announce today, ”said Ford spokesman Ian Thibodeau.
Rivian declined to comment beyond the SEC filings. The document acknowledges that certain shareholders have a conflict of interest. Ford holds more than 5% of Rivian’s share capital, according to the files. In 2019, the OEM invested $ 500 million in Rivian. And, according to Reuters, Ford has invested more than $ 820 million in Rivian in two funding rounds.
“Certain of our major shareholders or their affiliates have or will operate in the future, and some of our directors are affiliated with companies that may in the future conduct business activities similar to ours that may compete directly or indirectly with us, creating a conflict of interest such shareholders or individuals, ”wrote Rivian in his SEC filings.
“Some of our major shareholders and their affiliates conduct business activities similar to those we conduct and / or may invest or otherwise invest in or otherwise hold the securities of companies that directly or indirectly compete with us. For example, Ford Motor Company (“Ford”), one of our major shareholders, is a multinational vehicle manufacturer, ”the document reads.
Rivian seems to understand his complex relationship with some investors from the above-mentioned excerpts from the SEC document. While there is currently no Ford representative on the Rivian board of directors, the filing suggests that there may be another one in the future.
“In addition, following this offer, employees of certain of our major shareholders and their affiliates will continue to serve on our board of directors and retain their positions with our major shareholders or their affiliates,” the file says.
Other information from the SEC filing suggests that Ford and Rivian’s relationship is far from over. For example, Rivian stated that it had a production and supply agreement with Ford subsidiary Troy Design and Manufacturing Co. (TDM). Based on the agreement, TDM would serve as an on-going supplier for Rivian.
In addition, Rivian issued unsecured convertible bonds to Ford and certain other investors for a total of $ 2.5 billion in 2021. The above-mentioned bonds mature on July 23, 2026 and bear quarterly interest at the following rates: (a) 0% from the date of issue up to and including June 30, 2022; (b) 5% after June 30, 2022.
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