You know, breakups happen for the right reasons. Although it’s too early to know for sure, it seems to be the case for Ford and Rivian, who canceled plans to collaborate on a tram. In April 2019, then-Ford CEO Jim Hackett invested $500 million in Rivian, the plan was then to develop a solid electric SUV using Rivian technology. That has become a Lincoln was built on the foundation of Rivian, eighty six‘ed in April 2020 not long after our current global troubles began. When Jim Farley took over as Ford CEO in October 2020, he led another $415 million investment in Rivian with the idea that the two companies would remain teamed up on an electric vehicle. Considering what has happened since October last year, Farley said Automotive News, “When you compare today to when we made that initial investment, a lot has changed: about our capabilities, about the direction of the brand in both cases, and now Now we’re more certain of what we have to do. We want to invest in Rivian – we love their future as a company – but for now, we’re going to develop the own vehicle.”
Part of Farley’s confidence comes from a successful in-house EV, and two, making all the right noise before release. The Mach-E has so far done everything Ford wants out of it, exceeding production quotas and boasting wait times for various trims of five to seven months or more. Ford says first year of E-Transit commercial truck The production version has been sold out with over 24,000 pre-orders, and F-150 The lightning reception has attracted more than 160,000 bookings. Oh, and the original production of Sell Eluminator electric tank motor out to lick.
What’s more, Ford is taking control of its overall vehicle future, especially in the electric vehicle segment. The automaker’s investments in EV facilities in Tennessee and Kentucky, build three more the battery manufacturing facilities in the US will double their annual production capacity to about 129 gigawatt hours, develop in-house software and become more involved in their supply chains. The automaker has doubled its electric vehicle production target to 600,000 units a year by the end of 2023. Achieving that will make Ford the second-largest EV maker after Tesla. So now Farley is like, “Guys, we’ve got this.” Those were our words, not his, but the effect was the same.
Ford will maintain its 12% stake in Rivian and generate slightly more profits, with Ford subsidiary Troy Design and Manufacturing contracted to supply parts for the Rivian R1 pickup.
Rivian, facing challenges of its own needs, issued a partial statement, “Our relationship with Ford is an important part of our journey … Ford remains one. investors and allies on our common path to an electrified future.”
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