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Ford and Rivian cancel plans to build electric vehicles, Rivian confirms Businesshala On Friday, two years later they announced a multimillion-dollar partnership.

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Rivian said the decision to cancel the plans was mutual, with each company wanting to focus on its own projects.

Ford CEO Jim Farley told Automotive News That the two companies have advanced electric vehicle development since inking the deal in 2019, and are more confident going forward with developing their own vehicles.

Rivian said Ford, which is a . owns 12% stake In the company, “remains an investor” and an “associate” in building the electric vehicle for the future.

Ford did not immediately respond Businesshala‘Request for comment.

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