Ford, Rivian Abandon Joint EV Development Plans

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.

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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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