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: Rivian, Ford cancel plans to jointly develop an electric vehicle, report says

Rivian Automotive Inc. and Ford Motor Co. are halting plans to develop an electric vehicle, Automotive News said Friday, citing an interview with Ford’s Chief Executive Jim Farley.

Rivian
RIVN,
+4.23%

stock added to gains after the report, while Ford
F,
-0.87%

stock headed lower. Farley told Automotive News that the legacy auto maker, which has a stake in the EV startup, has “growing confidence” on its ability to “win the electric space” and develop its own vehicles, despite having a love for Rivian’s future.

Farley took to Twitter on Thursday to expand on Ford’s plans for EVs, promising that the company is ready to do “whatever it takes” to be the second largest EV maker in the U.S. after Tesla Inc.
TSLA,
+3.71%

Rivian debuted as a public company offering last week and the stock ended up 4.2% on Friday, bringing weekly losses to 1% after two straight days of 15% drops.

Rivian expects volume sales for its electric pickup truck and SUV next year, billing them as EVs for outdoor adventures. It also plans on electric last-mile vans for Amazon.com Inc., which also has a stake in the startup, and to have its own network of chargers.

Ford has taken some of its best-selling vehicles to offer as an EV, including electric versions of its F-150 pickup truck, the Transit van, and the Mustang muscle car.

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