Rivian and Ford both issued statements saying that their plans and needs had changed since the original collaboration was announced, and pointed out that Ford remains a major investor in Rivian, holding roughly 12% of its shares outstanding.
“As Ford has scaled its own EV strategy and demand for Rivian vehicles has grown, we’ve mutually decided to focus on our own projects and deliveries,” said a statement from Rivian. “Our relationship with Ford is an important part of our journey, and Ford remains an investor and ally on our shared path to an electrified future.”
Meanwhile Ford recently announced a $7 billion investment — the largest single investment in its history — in a new assembly factory and three new battery plants it will jointly own with Korean supplier SK Innovations. The factory, which will build electric pickups, will be in Tennessee, and the battery plants will be in Tennessee and Kentucky. It is part of Ford’s plan to invest $30 billion in electric vehicles in the next five years, with the goal of 40% of its total sales being of electric vehicles by 2030.
“While Rivian is doing lots of interesting things and we’ve got great respect for R.J. [Scaringe, the Rivian CEO] and his team, we like very much where we’re at, and Ford and Rivian have both agreed we’ll not pursue any kind of joint vehicle development or platform sharing,” said Ford’s statement.