Ford CEO Jim Farley told Automotive News on Friday that the two automobile manufacturers had decided not to enter into a joint electric vehicle development venture.
Farley tweeted on Thursday that Ford plans to be the second biggest EV producer in a couple of years, behind Tesla, with a goal of becoming the largest EV producer in the world. Ford two years ago launched the all-electric Mustang Mach-E, which is being sold on three continents.
Ford's chief executive wrote on Twitter that the auto company expects to produce 600,000 EVs a year globally by the end of 2023, which is two times its original plan.
Ford backed Rivian in April 2019 with a $500 million investment, while Amazon invested $700 million in February 2019.
Amazon (AMZN) - Get Amazon.com, Inc. Report has a 20% equity stake in Rivian and had preordered 100,000 delivery vans to be delivered by 2030, 10,000 of those by 2022. Rivian plans to produce 25,000 vans a year by 2025 and build a preorder backlog of over 55,000 of its R1 vehicles by 2023.
Rivian, which was launched in 2009, went public on Nov. 10 with an offering price of $78 a share and has a market cap of $111.6 billion at last check.
Shares of Rivian on Friday dipped by 1.2% to $127.11 in after-hours trading. The stock had closed 4.2% higher in the regular session.
Ford stock slipped by 0.3% to $19.34 after hours. It had fallen by 0.9% in the regular session.