Shares of upstart electric truck maker Rivian plunged as much as 17 percent on Monday after the company said that it is no longer working with Ford to jointly develop vehicles.
Both Ford and Rivian had already signalled they were moving away from earlier plans to work together on EVs. But the news sent Rivian shares down three percent in the last hour of trading Friday, and wider reports sent shares sharply lower Monday. By midday, Rivian shares were off their lows of the day. The stock rallied slightly in the last 15 minutes of trading but still closed down eight percent.
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