Rivian shares fell more than 5% in premarket trading.Ford no longer plans to make an electric vehicle with EV startup Rivian, CEO Jim Farley tells Automotive News. The Detroit automaker originally announced it wanted to make a Rivian-powered EV in 2019 when it made its first investment of $500 million into the startup. Ford and Rivian already canceled a vehicle they planned to make for the Lincoln luxury brand in 2020.
One reason Farley gave for canceling the EV collaboration was the complexity of combining Rivian’s electric architecture with Ford’s own software.