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Rivian shares took a hit following the news that their EV plans with Ford are being scrapped. On Monday the stock price dropped as much as 17%.

Both Ford and Rivian had already signaled they were moving away from earlier plans to work together on EVs. But the news, first reported late Friday by Automotive News, sent Rivian shares down 3% in the last hour of trading Friday, and wider reports sent shares sharply lower Monday. By midday, Rivian shares were off their lows of the day. The stock rallied slightly in the last 15 minutes of trading but still closed down 8%.

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