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Rivian and Ford Cancel Collaboration On EV’s

TNI || New Delhi || 22nd Nov 2021

Electric truck maker, Rivian and automobile giant, Ford have announced that they have cancelled the plans on a collaboration to jointly develop an electric vehicle.

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The announcement comes a week after Rivian made an entry on Wall Street. However, Ford, which has invested $500 million in Rivian in 2019 during the collaboration announcement, will continue to maintain its stake in the startup.

As per Miranda Jimenez, the Rivian spokeswoman, since Ford has already scaled its strategy in EV and demand for Rivian e-vehicles has also grown, they have mutually decided to focus on their respective projects and also deliveries.

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Miranda added that their relationship with Ford continues to be very important in their journey as the automobile giant still remains an investor.

Notably, the demand for Rivian’s R1T pickup trucks which the company started making in September has increased.

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Although the company is currently a loss-making venture and they have delivered only about 200 vehicles till October, but its stock value soared at the time of its share market debut, so much so that it beat the automobile giants GM & Ford.

Rivian closed the day at $114 billion. Much of the credit of Rivian doing well at the share market can be attributed to its partnership with Ford and Amazon, which has plans to buy 100,000 Rivian Vans by 2030.

Meanwhile, Ford has also started elevating its electric vehicle plans and has announced that it will pump in $30 billion by 2025 in the passenger cars vertical.