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Ford and Rivian had a good thing going with the legacy automaker investing $500 million in the electric vehicle upstart. The plan was for the two to partner in developing a truck under the Lincoln brand using Rivian's electric "skateboard" modular platform. But citing the “current environment” (read: high cash burn because no one is buying cars due to the pandemic), the two companies have announced they are cancelling the arrangement.
The consultancy Wood Mackenzie forecasts a 43% drop in global EV sales this year. Axios points out that several electric vehicle projects are being delayed in light of the pandemic. Rivian is pushing production of its own upcoming electric pickup and SUV into the first half of 2021. General Motors won’t refresh its Chevrolet Bolt until 2022. Ford’s launch of the Mustang Mach-E electric crossover could be pushed back. And startup Lordstown Motors is delaying release of its Endurance pickup until January 2021.