“Our strategic commitment to Lincoln, Rivian and electrification remains unchanged and Lincoln’s future plans will include an all-electric vehicle consistent with its Quiet Flight DNA,” the luxury brand said in a statement.
shown celebrating their tie-up last year. Here’s the original story.) Rivian founder and CEO RJ Scaringe and Ford Chairman Bill Ford Jr. (Lincoln and Rivian announced their SUV program in January.
But Ford downplayed the impact of the move. The decision to scrap the Lincoln SUV now raises questions about whether the effort might face further cuts. Including its Rivian investment, Ford was expecting to spend almost $12 billion on its electrification program through 2023. Rivian was expected to take the skateboard-like platform it developed for two of its own vehicles and use it to underpin a large SUV for the Lincoln brand. The losses are expected to extend into, and likely deepen during, the second quarter, according to industry analysts.įord invested $500 million in Rivian last year, and the SUV was to mark its first joint vehicle program with the suburban Detroit start-up. The automaker also said it is delaying development of the Bronco Sport crossover.įord reported a $2 billion loss for the first quarter, much of that due to the coronavirus outbreak that has slashed global sales and forced the automaker to shutter its entire North American production network. The Lincoln EV is one of at least two product programs that Ford confirmed it has had to rethink due to its a financial crunch severely worsened by the global health crisis. is cancelling plans to develop an all-electric SUV for its Lincoln brand as part of a joint venture with EV start-up Rivian due to the coronavirus pandemic. Lincoln’s all-electric SUV was to have had a unique look but ride on the skateboard platform used for Rivian’s own R1S model, seen here.įord Motor Co.
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