Ford Motor and Rivian Automotive Inc have dropped plans to jointly develop an electric vehicle, Ford confirmed on Friday.
“We respect Rivian and have had extensive exploratory discussions with them,” a spokesperson told Reuters. “However, both sides have agreed not to pursue any kind of joint vehicle development or platform sharing.”
Ford owns about 12% of California-based EV maker Rivian, which went public on Nov. 10 and already is worth 1-1/2 times more than the 118-year-old Michigan automaker.
Ford Chief Executive Jim Farley revealed the break in a story published Friday by Automotive News. The proposed vehicle was not identified.
In October, a Ford spokesperson told Reuters: “”Rivian is a strategic investment and we’re still exploring ways for potential collaboration with them.”
Ford earlier scrapped a plan to build a new Lincoln from Rivian’s EV chassis and hardware. Ford continues to ramp up its EV development and manufacturing, targeting global production capacity of 600,000 by late 2023.