Ford stock up slightly, Rivian down more than 10% as partnership falls through

Yahoo Finance Live runs down automotive tradings for Ford and Rivian following their dissolved partnership in the electric vehicle space.

Video transcript

AKIKO FUJITA: Now let's turn our attention to one stock that is seeing significant downside in this session, that the shares of Rivian down nearly 14%, and then Ford up almost 3% here. Rivian continuing to be dragged down by news we got out on Friday, saying Ford will no longer be developing a joint electric vehicle with Rivian. And this is, of course, a partnership that was first announced back in 2019. Ford invested about $500 million in the EV startup, but it's been a bit of a rocky relationship here.

We heard Ford last year saying that this would be used for their Lincoln brand before canceling those plans. Ford CEO Jim Farley really kind of talking about this breakup if you want to call it that, saying it's more about Ford than it is about Rivian, that they're increasingly confident in their ability to win in the EV space. So they want to develop an EV on their own.

And Zack, we're talking about declines here in Rivian today. But it's only been, what, two weeks since their debut. $78 a share is what it debuted at mid-November. And here we are today, still well above that price, but down about 14%, trading at $110 a share.

ZACK GUZMAN: Yeah, that's good to put that 13% move in context. I mean, closed above $100 on its first day of trading, so I mean, you know, it's not crazy to see in the early days of a company that still has not made any money. So there's that.