Wednesday, April 29, 2020

Ford Cancels Rivian Electric SUV Plans

Ford has cancelled an electric SUV it had planned to develop using technology from electric truck developer Rivian, as the automaker has gone into survival mode due to a massive impact from the ongoing pandemic. According to Ford's Lincoln arm, "Lincoln and Rivian have decided not to pursue development of a fully electric vehicle based on Rivian's skateboard platform," although Lincoln said they will continue to work together on other projects. Rivian has offices in Irvine and Carson, California, although its headquarters are in Michigan. Rivian received $1.3 billion in funding in December of 2019, from such investors as T. Rowe Price, Amazon, Ford Motor Company, and BlackRock.