By Mike Colias
Ford Motor Co. and Rivian Automotive Inc. have decided to go their separate ways rather than collaborate on future electric vehicles, backing away from an earlier strategic pact that led to a multibillion-dollar windfall for Ford.
Executives from both companies this week decided to scrap plans for a specific electric vehicle, a Ford spokesman said Friday. The auto makers mutually decided to focus on their own projects, scrapping plans to jointly develop a new model as had been envisioned under a partnership struck in early 2019, representatives from each company said.
"Ford remains an investor and ally on our shared path to an electrified future," Rivian said. The Ford spokesman said: "Both their EV development and ours have advanced to a significant degree" since the original deal was formed, giving each company more confidence to move ahead independently.
Trade publication Automotive News earlier reported Ford's decision to end the co-development plans, citing comments from Ford Chief Executive Jim Farley during an interview.
--Ben Foldy contributed to this article.
Write to Mike Colias at Mike.Colias@wsj.com