Ford and Rivian no longer plan to work together on electric vehicles.

Ford Motor and Rivian have abandoned plans to jointly develop an electric vehicle, although Ford remains a major investor in the start-u...


Ford Motor and Rivian have abandoned plans to jointly develop an electric vehicle, although Ford remains a major investor in the start-up automaker.

The companies formed a partnership in 2019 when Ford invested $ 500 million in Rivian. They originally planned to work closely on electric vehicles, but Ford rejected plans to use Rivian’s chassis for an electric model for its Lincoln brand while stating that they still intended to cooperate. . The companies said the collaboration was no longer on the horizon on Friday.

“As Ford scaled its own electric vehicle strategy and demand for Rivian vehicles increased, we mutually decided to focus on our own projects and deliveries,” Rivian said in a statement. “Our relationship with Ford is an important part of our journey, and Ford remains an investor and ally on our shared journey towards an electrified future.”

The change of plan was reported earlier by Automotive News, based on an interview with Ford CEO Jim Farley.

Since its investment in Rivian, Ford has started rolling out its own electric models. The Mustang Mach E, a sport utility vehicle, drew favorable comparisons with competing models from Tesla. Ford should start manufacturing a battery-powered version of his F-150 pickup next year, and it took tens of thousands of customer orders.

“We respect Rivian and have had lengthy exploratory discussions with them,” Ford said in a statement. “However, the two sides have agreed not to pursue any kind of joint vehicle development or platform sharing.”

After an IPO of shares this month, Rivian has a market value of nearly $ 115 billion, far more than Ford’s valuation of $ 77 billion. Rivian has just started production of an electric pickup and an electric SUV, and has delivered only a small number to customers so far.

Ford’s stake in Rivian amounts to around 12% of the capital.

Rivian works on an electric delivery van for Amazon, another major investor.

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Newsrust - US Top News: Ford and Rivian no longer plan to work together on electric vehicles.
Ford and Rivian no longer plan to work together on electric vehicles.
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