Ford And Rivian Drop the Plan to Develop an EV Together

Ford and Rivian came up with a plan to develop an electric vehicle together. The companies have now backed out from this plan. The CEO of Ford, Jim Farley has said that they are looking forward to working solely on the project. The company is planning to produce about 600,000 vehicles per year by the end of 2023.

Ford invested $500 million in Rivian in 2019 with a plan to work together for the manufacturing of electric vehicles. During the pandemic in 2020, the companies canceled the plan with the plans to work together in the future once again.  

A spokesperson of Rivian has said that the demand for Rivian vehicles has grown ever since Ford has decided to come up with its own electric vehicle. Ford has also said that the relationship among the companies will also not be affected by the decision.