Ford, Rivian dump plans to jointly develop a Ford EV

The two automakers were as recently as October looking at a potential collaboration

Ford and Rivian have actually dropped strategies to jointly establish an electric automobile, Ford validated on Friday.

” We respect Rivian as well as have actually had considerable exploratory conversations with them,” an agent told Reuters. “Nonetheless, both sides have actually agreed not to go after any kind of sort of joint automobile development or system sharing.”

Ford possesses about 12 per cent of California-based EV manufacturer Rivian, which went public on November 10 and already is worth one to one-and-a-half times greater than the 118-year-old Michigan car manufacturer.

Ford President Jim Farley exposed the break in a tale published Friday by Automotive Information. The recommended car was not recognized.

In October, a Ford agent told Reuters: “Rivian is a strategic financial investment and also we’re still exploring means for potential partnership with them.”

Ford previously junked a strategy to construct a brand-new Lincoln from Rivian’s EV chassis and hardware.

Ford continues to ramp up its EV growth and also manufacturing, targeting international production capacity of 600,000 by late 2023.