Ford And Rivian Abandon Plans To Develop A Lincoln-Branded Electric Vehicle

The COVID-19 pandemic has caused major disruptions in business operations around the globe. The auto industry is also one of the many segments that have been hit hard. A joint project between Ford Motor Company (NYSE:F) and Rivian won’t go as had been planned. It was a deal that would see the two develop a Lincoln-branded electric vehicle, an undertaking that was set to be conducted in Normal. The plan has been cut short, and that is because the industry needs to navigate the deadly Corona pandemic.

COVID-19 has resulted in the shutdown of major cities and businesses. Governments around the globe needed to safeguard lives. It was for that reason that lockdowns and curfews were introduced to combat the further spread of the virus. People have lost jobs, and the aforementioned companies haven’t been spared either.

The businesses had not yet disclosed the specific details about the final product. A lot of people would have loved to learn about the timing of the unveiling of the product. The other thing a lot of people would be interested to know was the exact location the product would be built. However, it has come to the limelight that the automakers had decided to develop the new product using Rivian’s platform. According to them, the startup electric truck manufacturer could have worked for them.

Lincoln has been checking out the current business environment, and it has found it to be an unfavorable one. It offers that as the ideal explanation as to why the two business gurus have abandoned plans to continue with the manufacture of the fully electric vehicle. The product was to be developed on Rivian’s skateboard platform.

It was in the previous year that reports came out outlining that Ford Motor Company had channeled about $500 million to Rivian as some form of investment. Ford has again expressed its strong commitment to the partner. It was on Tuesday that Ford confirmed that its partnership with Rivian remained quite strong. According to the business giant, they won’t be abandoning their plans to continue working on an alternative vehicle. It is a product that is set to be developed on Rivian’s platform.

Amy Mast, who happens to be the spokeswoman for Rivian, is the one that made the confirmation about the cancelation of the project.

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Published by Duncan Oleinic

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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