Ford, Rivian Partnership: Will They Introduce An Electric SUV Instead Of A Pickup Truck?

When Ford (F) announced its $500 million investment into electric truck maker Rivian, it was thought that the companies would come to market with an all-electric pickup truck through the partnership. Ford has now said that its first vehicle produced through the venture may not be an electric pickup truck after all.

CEO Jim Hackett confirmed that Ford will produce an EV with Rivian, but it may not be the electric pickup truck that many have speculated would come out of the partnership, Motor Trends reported.

"You shouldn't go down the path of assuming it's a pickup," Hackett told the news outlet.

Reading between the lines, it is now thought that Ford will reportedly launch an electric SUV or crossover vehicle through the venture before an electrified F-150 model.

Details of the new EV are being kept under wraps, but Hackett did say that they are close to being finalized.

“At the senior levels it's pretty close," he said. "I think a lot of that has been settled, but not ready to talk about."

The anticipated electric vehicle from Ford could be produced at Rivian’s factory in Normal, Illinois, Hackett suggested, which poses an interesting twist to the deal between the companies as Rivian doesn’t have the experience producing vehicles that Ford has amassed over the last 100 plus years, AutoBlog reported.

Ford said it has plans to launch 40 electric-powered vehicles globally by 2022.

Shares of Ford stock were up 1.23 percent as of 12:27 p.m. ET on Monday.