
Rivian shares plunge after saying it won't work with Ford on EVs
CNN
Shares of upstart electric truck maker Rivian plunged as much as 17% in morning trading Monday after confirming reports that it is no longer working with Ford to jointly develop vehicles.
Both Ford and Rivian had already signaled they were moving away from earlier plans to work together on EVs. But the news first reported late Friday by Automotive News sent Rivian shares down 3% in the last hour of trading Friday, and wider reports sent shares sharply lower Monday. By midday Rivian shares were off their lows of the day but still down about 13%.
Rivian and Ford both issued statements saying that their plans and needs had changed since the original collaboration was announced, and pointed out that Ford remains a major investor in Rivian, holding roughly 12% of its shares outstanding.