DETROIT – Ford MotorAnd RivianDetroit Automaker announced Friday that it no longer plans to collaborate on an electric car.

Initial announcements by the two companies regarding joint development of a vehicle were made when automaker invested $500 million in Rivian in 2019.After confirming it for Ford’s luxury Lincoln brand they cancelled the plans. Ford stated at that time that the automakers will continue to seek out other collaboration opportunities.

Ford spokeswoman Ian Thibodeau said that those plans were also scrapped. He stated that Rivian retains a 12% interest in Ford, which was announced at last week’s IPO. reached a value of more than $10 billion.

Ford sent an email statement saying that Rivian was respected. They have also had exploratory conversations with Ford. But, Ford indicated that neither Ford nor Rivian have committed to joint platform or vehicle development.

Rivian didn’t immediately reply to our request for comment.

Jim Farley (Ford CEO) referred to Ford’s growing confidence to win in electric space as the reasoning for ending the collaboration.

When you look back at the original investment and today, there are many things that have changed. We now know what to do, how we can accomplish it, as well as our capabilities. We want to invest in Rivian — we love their future as a company — but at this point we’re going to develop our own vehicles,” he told Automotive NewsThe first to report the collaboration was dead,