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Tuesday, May 24, 2022

Rivian, Ford Shelve EV Plans: Report

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Rivian Automotive Inc. (Nasdaq: RIVN) and Ford Motor Co. (NYSE: F) have reportedly decided to not move forward on a plan to develop an electric vehicle together.

The two automakers decided this week to walk away from a partnership created in 2019 in favor of working independent of one another, according to Automotive News.

Ford was an early investor in Rivian, along with Amazon.com Inc. and others, in private fundraising rounds before the Irvine electric vehicle maker’s IPO last week.

Rivian shares closed up 4.2% to $128.60 on Friday for a market cap of $109.7 billion.

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