Asian Tech Press (Nov 22) -- American automakers Ford Motor Co (F: NYSE) and Rivian Automotive Inc (RIVN:NASDAQ) have abandoned plans to collaborate on the development of an electric vehicle, CNBC reported Friday.

A Ford representative confirmed comments made by CEO Jim Farley in an interview that Ford has decided to cancel its plans to jointly develop an electric vehicle with Rivian.

And Rivian responded to this by saying, "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."

Ford holds a 12% stake in Rivian. Since going public on Nov. 10, Rivian's market value has ballooned to about $110 billion, surpassing the 118-year-old Ford. While Ford's market value was about $77.5 billion as of the close of trading on Nov. 19.