Ford Motor (NYSE: F) began its path toward investing in electric vehicles (EVs) before many of its announcements on the Mach-E or F-150 Lightning. Way back in April 2019, Ford made a $500 million investment into EV start-up Rivian Automotive (NASDAQ: RIVN). That relationship has come into more of a focus in recent days after Rivian went public and now sports a market cap well above that of Ford. That same relationship is what pushed shares of Ford up sharply today. Its stock closed Monday's session up 5.4%, though it jumped as much as 7.2% earlier today.
The bounce came after both companies acknowledged that they have scrapped previous plans to jointly develop an electric vehicle. That news gave investors confidence that Ford's electrification strategy is strong enough to proceed on its own.
Source Fool.com