Ford and Rivian had a plan to develop an EV together. Ford will go it alone as it aims to produce 600,000 vehicles per year by the end of the decade, according to Jim Farley, the company's CEO.
When the company invested $500 million in Rivian, they said they would work together to make a Ford- branded EV. The two canceled a Lincoln- branded EV due to the Pandemic. They said at the time that they would go forward with an "alternative vehicle" based on Rivian's technology. The project won't go forward either.
"We have growing confidence in our ability to win in the electric space, right now," said Farley. When we made that investment, so much has changed, about our ability, about the brand's direction in both cases, and now it's more certain to us what we have to do."
Ford and Rivian decided not to move forward with the project due to the complexity of marrying their hardware and software together. The companies say the decision has not affected their relationship.
Rivian and Ford have mutually decided to focus on their own projects and deliveries as demand for Rivian vehicles has grown. Our relationship with Ford is an important part of our journey, and Ford remains an investor and ally on our shared path to an electric future.
