Ford, Rivian Cancel Joint EV Project
Nov. 24, 2021—A partnership between Ford and Rivian to produce a joint electric vehicle under the Ford brand has been canceled.
According to a report from Car and Driver, Ford CEO Jim Farley said his company has progressed far enough with its own EV program that it doesn't need to partner with other automakers.
"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," Ford said in a statement to Car and Driver. "Our relationship with Rivian is an important part of our journey, and Ford remains an investor and ally on our shared path to an electrified future."
Ford recently announced a target of producing 600,000 EVs by 2024, more than doubling its initial project output through that time.
Rivian earlier this month had a resoundingly successful IPO, earning a valuation near $86 billion.