rivian

rivian

Ford, one of Rivian's biggest investors, no longer has plans to develop an electric vehicle using the high-flying EV company's tech, Rivian said on Friday.

"As Ford has scaled its own EV strategy and demand for Rivian vehicles has grown, we've mutually decided to focus on our own projects and deliveries," the company said in a statement.

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Before Rivian went public, the electric vehicle startup opened its first retail hub in Venice, in the former home of celebrated author Ray Bradbury. Coastal California may not be associated with pickup trucks but the strategic move placed the company in the heart of Silicon Beach in an iconic area better known for eccentrics.

It was a signal to the rest of the automotive world that Rivian wanted to do things differently.

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Rivian has yet to prove it can compete with the likes of Tesla and General Motors, but investors are snapping up shares anyways, driving the company's stock price up 29% from its debut price on the Nasdaq exchange .

Rivian priced its IPO at $78 per share, above the $72-to-$74 range initially set by the emerging automaker, to raise almost $12 billion. By that measure, the electric truck and van manufacturer's IPO was the largest in the U.S. since Facebook's public-market debut way back in 2012.

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