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.