Robert Besser
24 Nov 2021, 20:11 GMT+10
DETROIT, Michigan: Electric truck manufacturer Rivian and Detroit auto giant Ford will no longer collaborate to develop an electric vehicle, it was announced on Friday.
However, Ford will maintain its stake in the start-up, after investing $500 million in 2019 when it announced plans to work together.
"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," Rivian spokeswoman Miranda Jimenez said.
"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."
In a statement to Agency France Press, Ford also confirmed the cancellation.
Demand has surged for Rivian's R1T pickup truck, which it began assembling in September.
Although the company was operating at a loss and had delivered fewer than 200 vehicles, at the end of last month its value soared and its November 10 stock market debut topped those of traditional automakers General Motors and Ford.
Rivian was worth $114 billion at the close on Friday, compared with Ford's $77 billion.
Get a daily dose of Sierra Leone Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.
More InformationJEDDAH, Saudi Arabia: In a Twitter post published this week, Saudi Arabia's Kingdom Holding said it had invested in Russian ...
SYDNEY, NSW, Australia - Stock markets across the Asia Pacific region rallied on Wednesday.In Japan, the Nikkei 225 surged 353.86 ...
DHAKA, Bangladesh A preliminary investigation into the tragic crane accident that killed five people in Uttara on Monday has found ...
HANOI, Vietnam: The Vietnamese government is considering building a high-speed railway, with a possible cost of up to $58.7 billion, ...
NEW YORK, New York - Stocks were decidedly mixed in the U.S. on Tuesday as investors struggled to make a ...
DELHI, India: Dubbed the country's Warren Buffett, India's best-known stock investor and self-made billionaire, Rakesh Jhunjhunwala, died on August 14 ...
Harare [Zimbabwe], August 17 (ANI): India skipper for Zimbabwe ODIs, KL Rahul has begun preparation for the upcoming series which ...
New Delhi [India], August 17 (ANI): External Affairs Minister, S Jaishankar extended his wishes to the Foreign Ministers of Indonesia ...
Antananarivo [Madagascar], August 17 (ANI): Madagascar President Andry Rajoelina extended warm greetings to Prime Minister Narendra Modi on India's 76th ...
NEW YORK, 16th August, 2022 (WAM) -- Linked to the Black Sea Grain Initiative, the first maritime shipment of Ukrainian ...
New York [US], August 17 (ANI): The United Nations Children's Fund (UNICEF) has awarded a contract for the first ever ...
A measles outbreak in Zimbabwe has killed at least 157 children, with more than 2,000 infections reported across the country, ...