• Lincoln teams up with Rivian to develop a fully electric SUV
  • The new vehicle underpins Ford's commitment to electrification
  • The EV joins Lincoln's existing luxury lineup, including Corsair, Aviator, and Navigator

Finally, the rumors have been clarified after months of speculation about a team-up that would allow Lincoln Motor Company to use Rivian's technology to develop a new electric SUV.

Although the vehicle was revealed in concert with the announcement of the half a billion-dollar investment from Lincoln's parent organization Ford to Rivian last year, it wasn't confirmed until a press release on Wednesday.

From what was initially suspected to be a plug-in hybrid, the new SUV will be fully electric, underpinning Ford's commitment to electrification in which it plans to have 40 hybrid and fully electric cars by 2022. The vehicle will also join the existing luxury lineup of Lincoln consisting of plug-in hybrids Corsair, Aviator, and Navigator that contributed to 7 percent year-over-year sales growth for the automaker.

Joy Falotico, the president of Lincoln Motor, said, "Working with Rivian marks a pivotal point for Lincoln as we move toward a future that includes fully electric vehicles."

 "This vehicle will take Quiet Flight to a new place–zero emissions, effortless performance and connected and intuitive technology. It's going to be stunning."

The Plymouth, Michigan-based startup's role, apart from working closely with Lincoln to develop the SUV, is to supply the "skateboard" platform where the battery of the new SUV will be built off on.

"Our vehicle development partnership with Ford is an exciting opportunity to pair our technology with Lincoln's vision for innovation and refinement. We are proud to collaborate on Lincoln's first fully electric vehicle," said Rivian CEO RJ Scaringe.

When the byproduct of Lincoln and Rivian's synthesis hit the road, it will likely challenge Tesla's Model X. The EV race is, indeed, a tight one, but Rivian's got some good backing in Ford; it also has about $700 million coming from the pockets of Amazon in which the e-commerce giant demands delivery vans from Rivian.

Tesla, on the other hand, is gaining some momentum after its second straight quarterly profit that beat estimates, a trend it started in the third quarter. Elon Musk's company delivered  112,000 vehicles in Q4, and 19,450 of those are the Model S/X. Tesla's stock went up 14 percent after the opening bell.