Electric truck maker Rivian and Detroit auto giant Ford announced Friday that they have scrapped plans to jointly develop an electric vehicle, a week after Rivian’s blustery entry on Wall Street.
Wade After investing $500 million (about Rs 3,715 crore) in 2019, it will retain its stake in the start-up when it announced plans to collaborate.
“Our relationship with Ford is an important part of our journey, and Ford remains an investor and ally on our shared path to an electrified future.”
In a statement to AFP, Ford also confirmed the cancellation.
Demand has increased for Rivian’s R1T pickup trucks, which it began manufacturing in September.
The company is making losses and had delivered less than 200 vehicles as of the end of last month, but its value started in the stock market on November 10, topping traditional automakers. General Motors and Ford.
At the time of Friday’s shutdown, the Rivian was valued at $114 billion (about Rs 8,47,085 crore), while that of Ford was $77 billion (about Rs 5,72,154 crore).
The partnership with Ford and its start-up was fueled by great excitement. heroine, which plans to buy 100,000 Rivian vans by 2030.
However, Ford has pushed ahead with its electric vehicle plans, announcing that it will invest $30 billion (about Rs 2,22,917 crore) in cars by 2025.