Ford and Rivian abandoned joint projects – DRIVE

“Much has flowed under the bridge since our first investment in Rivian. We gained confidence in our strengths and the development of the brand, – explained Ford chief Jim Farley. – Ford will continue to invest in Rivian, we like their future as a company. But we will develop our own electric cars ourselves ”.

It was decided to continue the cooperation between Ford and Rivian, which began in the spring of 2019, because the “blue oval” invested $ 500 million and retains a 12% stake in Rivian. However, the partners have come to a mutual agreement that the joint development of electric vehicles has lost all meaning. “As Ford has developed its EV strategy and the demand for our electric vehicles has grown, we decided to focus on our own projects. Our relationship with Ford continues to be important. Ford remains an investor and ally in our shared journey towards an electrified future, ”said Riviana’s spokeswoman Miranda Jimenez.

On November 9, unprofitable Rivian went public, selling 153 million shares on the stock exchange for more than $ 10 billion, which made the company’s capitalization exceed $ 100 billion. The amount is impressive, since the first serial electric car Rivian rolled off the assembly line in September.

The Verge believes that the reason for the “gap” was the incompatibility of Rivian’s electrical architecture with Ford’s software. In addition, the Mustang Mach-E SUV and the F-150 Lightning pickup proved their relevance. Therefore, Ford has doubled (to 600,000 units) the number of electric vehicles planned by the end of 2023. In turn, Rivian is busy launching the duo R1T and R1S, a van for Amazon and developing new models.

Source: DRIVE.RU by

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