Ford and Rivian no longer plan to work jointly on electric vehicles.
By Since its investment in Rivian, Ford has started rolling out electric models of its own. The Mustang Mach E, a sport utility vehicle, has drawn favorable comparisons to competing models from Tesla. Ford is expected to start making a battery-powered version of its F-150 pickup next year, and it has taken tens of thousands of orders from customers.
“We respect Rivian and have had extensive exploratory discussions with them,” Ford said in a statement. “However, both sides have agreed not to pursue any kind of joint vehicle development or platform sharing.”
After an initial public offering of stock this month, Rivian has a market value of nearly $115 billion, significantly more than Ford’s valuation of $77 billion. Rivian has just started production of an electric pickup and an electric S.U.V., and has delivered only a small number to customers so far.
Ford’s holding in Rivian amounts to about a 12 percent stake.
Rivian is working on an electric delivery van for Amazon, another major investor.
