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2021-11-24

"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 told CNBC. "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."

All told, Ford's stake in Rivian is now valued at roughly $12 billion. So, despite the cancellation of its joint development plans, the auto giant will continue to have a vested interest in Rivian's ongoing success.

$Ford(F)$ $Rivian Automotive, Inc.(RIVN)$

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