Home » Ford and Rivian bid farewell to the joint development of electric cars

Ford and Rivian bid farewell to the joint development of electric cars

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Ford intends to become the second largest electric vehicle manufacturer (after Tesla) in the United States within the next two years thanks to the announced doubling of production and thinks it no longer needs Rivian’s help to do so. For its part, after going public this month, the Normal, Illinois-based EV startup is worth nearly 20% more than one of its first major investors: Ford Motor. Who announced a $ 500 million equity investment in Rivian in April 2019; the two companies also agreed to work together to develop a next-generation battery electric vehicle using the Rivian platform to expand Ford’s EV range. But Ford believes it can soon add more shareholder value than at any point in the past century with a plan to become the nation’s second largest electric vehicle manufacturer in two years. The two companies then canceled plans to jointly develop the vehicle, Ford CEO Jim Farley said.

Ford had already canceled a planned collaboration with Lincoln at the start of the Coronavirus pandemic. “Right now we have growing confidence in our ability to emerge in the electricity market. Today, compared to when we invested in Rivian, a lot has changed: with regard to our capabilities and the direction of the brand; now it’s clearer to us what we need to do, ”Farley said in an interview. Ford is so confident in its capabilities that it will double its planned EV production to 600,000 units globally by the end of 2023.

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