Goldman Sachs Says China Competition Weighs More on EU Growth Than Trade Deficit 
Oil Prices Slip as Iran Talks and Strong Supply Outlook Ease Market Concerns 
Asian Currencies Stay Under Pressure as Dollar Holds Near 13-Month High Ahead of U.S. Jobs Report 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
South32 Sells Major Aluminium Assets to Alcoa in Deal Worth Up to $5.6 Billion 
TetherMax Rebranding Highlights Official Exchange Partnerships as Foundation of Trust 
Asian Stocks Mixed as South Korea Slides on Profit-Taking, Japan and China Gain on Strong Factory Data 
Turkey Vehicle Sales Fall 11.4% in June as Auto Market Weakens 
Switch Seeks $2 Billion Funding at Nearly $50 Billion Valuation Ahead of Potential IPO 
New Zealand Consumer Confidence Rises in June as Inflation Expectations Ease 
Norway Offshore Oil Workers Reach Wage Deal, Averting Strike 
Texas Man Charged After Fatal Tesla Full Self-Driving Crash in Katy 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Samsung to Invest $90 Billion in South Korea to Expand AI Chip, Display, and Battery Production 
Ford and Rivian were previously reported to have joined forces and agreed to develop electric vehicles together. However, this will not push through anymore after scrapping the plan late last week.
It was reported that Ford and Rivian's decision to cancel their team up for EV development was mutual. The two companies would focus and dedicate their time to their own respective projects instead. Both companies confirmed the news a few days ago.
Ford is aiming to become the second-largest electric vehicle maker in the country within two years. At this point, it was suggested that the Dearborn, Michigan-headquartered automaker no longer thinks it needs the assistance of the Irvine, California-based electric vehicle automaker to be able to reach this goal.
As per CNBC, Ford and Rivian initially announced they will set up a joint venture and develop EVs. The plan was formed when in 2019, the former invested a total of $500 million in Rivian.
It was mentioned last year that they would develop a line of EV models under Lincoln, Ford's luxury brand, but the project was scrapped later. Although this happened, Ford said at that time it will still look for other collaborative opportunities with Rivian.
However, all the plans so far were terminated. The automaker's spokesperson, Ian Thibodeau, said that despite the cancellations, Ford would maintain its ties with the EV manufacturer.
"We respect Rivian and have had extensive exploratory discussions with them, however, both sides have agreed not to pursue any kind of joint vehicle development or platform sharing," Ford told CNBC via an emailed statement.
Rivian also issued a statement regarding the decisions. Through a separate email, the company said, "As Ford has scaled its own EV strategy and demand for Rivian vehicles has grown, we have mutually decided to focus on our own projects and deliveries."
Rivian added that its relationship with Ford will remain as it considered the company "an important part of our journey." The EV firm also stressed that Ford also remains as one of its investors.
Finally, Business Insider reported that the change of plans for collaborative EV development came after Rivian went public earlier. The company was able to raise $11.9 billion that is said to be one of the biggest market debuts in history.
