Rivian Automotive Inc. and Ford Motor Co. are halting plans to develop an electric vehicle, Automotive News said Friday, citing Ford’s Chief Executive Jim Farley.

Rivian
RIVN,
+4.22%
stock added to gains after the report, while Ford
F,
-0.84%
stock headed lower. Farley told Automotive News that the legacy auto maker, which has a stake in the EV startup, has “growing confidence” on its ability to “win the electric space” and develop its own vehicles.