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Ford, Rivian dump plans to jointly develop a Ford electric vehicle -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Ford logo can be seen on the North American International Auto Show, Detroit, Michigan (USA), January 15, 2019. REUTERS/Brendan McDermid

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(Reuters) – Ford Motor Co (NYSE:) and Rivian Auto Inc (NYSE:) have canceled their plans to create an electric vehicle together, Ford announced on Friday.

A spokesperson said to Reuters that Rivian is respected and they have held many exploratory conversations with them. “Both sides have decided not to explore any joint vehicle development or platform sharing.

Ford controls about 12% California-based EV manufacturer Rivian. Rivian was listed on Nov. 10. It is now worth 1 1/2 times the value of Michigan’s 118-year old automaker.

Automotive News published a Friday story in which Jim Farley, Ford’s Chief Executive Officer, revealed the details. The vehicle in question was not named.

Ford spoke out about Viian in October to Reuters, saying that it was a strategic decision and they are still seeking ways of collaboration.

Ford had previously scrapped plans to make a new Lincoln using Rivian’s EV chassis, hardware and software.

Ford is continuing to increase its EV production and development, with a global production capacity goal of 600,000. By the end 2023, Ford will have reached this target.

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