Ford and Rivian contain deserted plans to co-produce an electric automotive, Ford CEO Jim Farley has confirmed.

Rivian CEO RJ Scaringe and Ford Executive Chairman Bill Ford announced Ford's investment in Rivian in 2019.

Rivian CEO RJ Scaringe and Ford Government Chairman Bill Ford announced Ford’s investment in Rivian in 2019. (Ford)

Ford became one of Rivian’s early main traders in 2019 and for the time being holds a 12% stake within the startup. The companies announced in January 2020 that Rivian would make an electric SUV for Lincoln however canceled the mission in April of that yr amid the outbreak of the coronavirus pandemic.

Since then, Ford has accelerated spending on its glean electric automotive projects, including new automotive and battery factories in Kentucky and Tennessee.

Blue Oval City in Stanton, Tennessee, is one of Ford's newly proposed electric vehicle technology manufacturing centers.

Blue Oval Metropolis in Stanton, Tennessee, is one of Ford’s newly proposed electric automotive technology manufacturing centers. (Ford)

“Good now, we contain rising self belief in our ability to protect within the electrical condo,” Farley told Car Recordsdata.

Ticker Security Final Exchange Exchange %
F FORD MOTOR CO. 19.39 -0.17 -0.87%
RIVN RIVIAN AUTOMOTIVE INC. 128.60 +5.22 +4.23%

Ford invested a complete of $1.2 billion in Rivian, however its self-discipline is price over $12 billion following Rivian’s recent IPO.

Rivian pickup trucks on display in New York City

Following its Nov. 10 IPO, Rivian’s market cap became bigger than Ford’s. (Michael M. Santiago/Getty Photography)

“Rivian’s a different case for us; it be roughly love a brother or a sister, since we’re an investor,” Farley said. “We know [CEO RJ Scaringe] and the firm in actuality effectively.”

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A Ford subsidiary referred to as Troy Save and Manufacturing also helped make Rivian’s prototypes and remains a parts provider for its first production automobiles.

Ford board member Alexandra Ford English gave up her self-discipline on Rivian’s board of directors in Would perhaps well.

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