Based on Rivian SEC documents released on October 1, Ford chief executive Alexandra Ford English stepped down from the EV startup board in May 2021, a year after her appointment. In March 2021, the former automaker announced the Englishman would join Ford’s board of directors in a press release. She was officially elected to Ford’s board of directors in May.
In June 2021, Ford vice president Doug Power became the historic automaker’s representative on Rivian’s board of directors, replacing Englishman. However, he also left Rivian’s board of directors a few months later in September.
“Rivian is a strategic investment, and we are still exploring ways to potentially collaborate with them. We have nothing to announce today, ”said Ford spokesperson Ian Thibodeau.
Rivian declined to comment beyond documents filed with the SEC. The document recognizes that some shareholders will have a conflict of interest. Ford owns more than 5% of Rivian’s share capital, according to the filing. In 2019, the OEM invested $ 500 million in Rivian. And according to Reuters, Ford has invested more than $ 820 million in Rivian in two fundraisers.“Some of our major shareholders or their affiliates are or may in the future engage, and some of our directors are affiliated with entities that may in the future engage in business activities similar to those we conduct. and who may compete directly or indirectly with us, causing those shareholders or individuals to have conflicts of interest, ”Rivian wrote in his documents with the SEC.
“Some of our major shareholders and their affiliates are engaged in business activities similar to those we conduct, and / or currently or in the future may invest or hold securities of companies that compete with us directly or indirectly. For example, Ford Motor Company (“Ford”), one of our major shareholders, is a multinational automaker, “the document states.
Rivian appears to understand his complex relationship with certain investors based on the above-mentioned excerpts from the SEC document. While there is currently no Ford representative on Rivian’s board of directors, the record suggests there may still be one in the future.
“In addition, as a result of this offer, employees of some of our major shareholders and their affiliates will continue to serve on our board of directors and will retain their positions with our major shareholders or their affiliates,” states the folder.
Other information from the SEC filing suggests the relationship between Ford and Rivian is far from over. For example, Rivian said it has entered into a production and supply agreement with Ford’s subsidiary, Troy Design and Manufacturing Co. (TDM). Based on the deal, TDM would serve as Rivian’s permanent supplier.
In addition, Rivian issued unsecured 2021 convertible notes to Ford and certain other investors for a total amount of $ 2.5 billion. Said notes mature on July 23, 2026 and bear interest quarterly at the following rates: (a) 0% from the date of issue to June 30, 2022 inclusive; (b) 5% after June 30, 2022.
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