Ford, Rivian Abandon Joint EV Development Plans
A lot has changed and Ford is now going all-in and all in-house.
Ford ditches the plans to jointly develop electric vehicles with Rivian, and both companies will focus on their own EV projects.
Ford invested some $500 million in Rivian in 2019 (later increasing the amount to $1.2 billion), but in the end they will not introduce a jointly developed EV.
By the way, shortly after the IPO, Rivian had a market cap almost 50% higher than Ford.
First, the companies decided in April 2020 that the Rivian-based Lincoln was canceled. And now, it's official that Ford will not use Rivian's EV tech either.
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