Automotive Nov 20, 2021 08:39 AM (GMT+8) · EqualOcean
Financial Associated Press, Nov. 20 - according to CNBC, Ford and electric vehicle manufacturer rivian confirmed on Friday that the two companies had abandoned their plans to jointly develop electric vehicles. The two companies initially announced the joint development of an electric vehicle when Ford invested $500 million in rivian in 2019. The two companies later said they would jointly develop the first pure electric model of Ford's luxury brand Lincoln, and then cancelled the plan last year. Ford said at the time that the two carmakers would still seek other cooperation opportunities. Ian Thibodeau, a Ford spokesman, said the plans were now cancelled. He said that the company retained its connection with rivian, including a 12% stake in the company. Rivian's IPO last week was worth more than $10 billion.