Hyperdrive

Ford Abandons Plans to Jointly Develop Electric Vehicle with Rivian

A Rivian R1T electric pickup truck.
Photographer: Bing Guan/Bloomberg

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By Keith Naughton and Edward Ludlow

November 19, 2021 at 10:41 PM UTC

This article is for subscribers only.

Ford Motor Co. has abandoned plans to jointly develop an electric vehicle with Rivian Automotive Inc., the startup in which the legacy automaker has a 12% stake.

Ford was among the early investors in Rivian when it contributed $500 million in 2019 and announced plans to develop a plug-in model together. Since then, Ford increased its investment to $1.2 billion and has seen the value of its stake grow more than tenfold after Rivian went public Nov. 10. Rivian is now worth $115 billion, giving it a market capitalization greater than Ford or General Motors Co.