According to Ford spokesman Ian Thibodeau, Ford and Rivian are no longer planning to co-develop an EV. Rivian confirmed the reports later on Friday as well.
Back in 2019, the two companies announced the joint development of a vehicle after Ford’s investment in the EV startup.
Initially, the EV was going to be under the Lincoln brand, but those plans were later cancelled.
Although the joint vehicles plans fell apart, Ford is retaining their 12% stake in the company. As of Rivian’s IPO last week, that 12% stock is around $10 billion USD.
In addition, the two companies are still working together.
A wholly owned subsidiary of Ford named Troy Design and Manufacturing has a contract to supply parts for Rivian’s R1 vehicle program.
Rivian noted that Ford and their company mutually decided to focus on their own projects and deliveries. Rivian also reinforced that their relationship with Ford is important, and Ford remains an investor and ally in the EV world
