Rivian is an American electric car manufacturer that intends to repeat Tesla’s success. But now he has lost one interesting partnership.
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The success of the carmaker Tesla did not let other companies sleep, which are also trying to attract their electric cars today. Rivian is also one of them, which this year began to offer its pick-up R1T, the first electric car in its segment. With this move, Rivian has overtaken not only Tesla, whose Cybertruck we are still waiting for, but also traditional manufacturers, who are also preparing electric pick-ups.
The competitive advantage was immediately apparent. When Rivian went public on November 10, stocks rose immediately. If the company originally expected the stock price to reach $ 58 to $ 62, it eventually stopped at more than $ 100 after the first day. Thanks to this, Rivian suddenly had more value than the traditional manufacturers General Motors or Ford, and in front of him was only Tesla, after all, a more established company.
The value of Rivian’s shares continued to rise in the following days, but has been declining since February 16, so in recent days there has been talk of whether the company is not just an inflated bubble. Now, moreover, another blow has come for the young producer.
Ford has announced that it is ending joint development of electric cars with Rivian. “We respect Rivian and have had extensive exploratory discussions with him. However, both parties have agreed not to pursue any joint vehicle development or platform sharing, “said a Ford spokesman.
“When you compare today to when we originally invested, so much has changed, about our capabilities, about the direction of the brand in both cases, and now it is clear to us what we need to do,” said Ford CEO Jim Farley himself to end the joint development. .
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Rivian confirms Ford’s move, but his rhetoric is a little different. “As Ford adjusted its own strategy for electric vehicles and the demand for Rivian vehicles grew, we decided to focus on our own projects and supplies,” the young carmaker said in a statement.
It might seem that Ford will sever its ties with Rivian, because shortly before it went public, Ford’s representative, Alexandra Ford English, left the Rivian leadership. But this is not entirely true. Rivian claims that Ford remains a key partner for the company, as the other party confirms. The Detroit Colossus continues to own a 12% stake in the California company, which it considers a strategic investment. He does not intend to reduce the share in any way.
Ford invested heavily in Rivian in 2019when he put $ 500 million into it. He announced at the time that the joint project involved a luxury Lincoln car. Last year, however, Ford canceled the plan when it intended to reconsider the possibilities of joint development. But now even this plan has fallen. By the way in Europe, Ford intends to use technology from the Volkswagen workshop in the field of electric cars. At the same time, this cooperation continues.
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