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Rivian Automotive Inc. and Ford Motor Co. are halting plans to develop an electric vehicle, Automotive News said Friday, citing Ford’s Chief Executive Jim Farley.
Rivian
RIVN,
stock added to gains after the report, while Ford
F,
stock headed lower. Farley told Automotive News that the legacy auto maker, which has a stake in the EV startup, has “growing confidence” on its ability to “win the electric space” and develop its own vehicles.
