Shares of Rivian Automotive (NASDAQ: RIVN) declined by 8% on Monday after Ford (NYSE: F) halted its plans to build an electric vehicle (EV) with the upstart automaker.
Ford took a $500 million stake in Rivian in April 2019. The investment was part of a strategic partnership between the two automakers. At the time, Ford and Rivian planned to jointly create an "all-new, next-generation battery electric vehicle" using Rivian's development platform.
"As we continue in our transformation of Ford with new forms of intelligent vehicles and propulsion, this partnership with Rivian brings a fresh approach to both," former Ford CEO Jim Hackett said in a press release announcing the deal.
Source Fool.com