Coupang Hit With Record $409 Million Fine Over Data Breach Affecting 33 Million Users 
Japan Producer Prices Surge in May, Strengthening Expectations of BOJ Rate Hike 
SK Hynix Stock Rebounds as AI Memory Chip Demand Fuels Expansion Plans 
ECB Set to Raise Interest Rates as Energy Shock Fuels Eurozone Inflation Concerns 
Meta Partners With Reliance to Launch First AI-Powered Data Center in India 
Trump Signals Possible U.S.-Iran Peace Deal as Hormuz Reopening Nears 
US Stock Futures Rally as U.S.-Iran Peace Talks Boost Market Sentiment Despite Ongoing Strikes 
Gold Prices Slide Toward Second Weekly Loss as Fed Rate Hike Expectations Weigh on Market 
Asian Currencies Mixed as Dollar Slips on Iran Peace Hopes and Fed Rate Outlook 
GSK Reportedly Nears $9 Billion Acquisition of Cancer Drug Developer Nuvalent 
Frasers Group Launches €2 Billion Hugo Boss Takeover Offer Amid Control Speculation 
Asics Considers Onitsuka Tiger Spinoff as Luxury Sneaker Brand Expands Globally 
J.P. Morgan Sees Major Upside for Prysmian as Optical Fiber Prices Surge 
OpenAI May Slash AI Service Prices Amid Growing Rivalry With Anthropic 
Dollar Stabilizes as Markets Weigh Middle East Ceasefire Prospects and Central Bank Policy Outlook 
Asian Stocks Surge as Middle East Peace Hopes Lift Markets; SpaceX IPO Shatters Records 
SpaceX IPO Demand Surges Past $250 Billion Ahead of Historic Market Debut 
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.
