Ford Motor Co and Rivian Automotive Inc have dropped plans to jointly develop an electric vehicle, Ford confirmed on Friday.
"We respect Rivian and have had extensive exploratory discussions with them," a spokesperson said. "However, both sides have agreed not to pursue any kind of joint vehicle development or platform sharing."
Ford owns about 12% of California-based EV maker Rivian, which went public on Nov. 10 and already is worth 1-1/2 times more than the 118-year-old Michigan automaker.
Ford Chief Executive Jim Farley revealed the break in a story published Friday by Automotive News. The proposed vehicle was not identified.
In October, a Ford spokesperson told Reuters: ""Rivian is a strategic investment and we're still exploring ways for potential collaboration with them."
Ford earlier scrapped a plan to build a new Lincoln from Rivian's EV chassis and hardware.
Ford continues to ramp up its EV development and manufacturing, targeting a global production capacity of 600,000 by late 2023.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
