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A Rivian emblem on an Amazon.com supply electrical van photographed in Chicago, Illinois, on July 21, 2022.
Jamie Kelter Davis | Bloomberg | Getty Photographs
Rivian mentioned Monday it was pausing plans to fabricate electrical business vans in Europe and would “not pursue” the settlement it made with Mercedes-Benz simply three months in the past.
“We have determined to pause discussions with Mercedes-Benz Vans concerning the Memorandum of Understanding we signed earlier this yr for joint manufacturing of electrical vans in Europe,” Rivian CEO RJ Scaringe mentioned, noting the corporate was pursuing “one of the best risk-adjusted returns” on its capital investments.
“At this cut-off date, we imagine specializing in our client enterprise, in addition to our present business enterprise, signify essentially the most enticing near-term alternatives to maximise worth for Rivian,” he added.
The U.S.-based electrical automobile producer mentioned it stays open to exploring future work with Mercedes-Benz “at a extra acceptable time for Rivian.” The businesses signed their authentic memorandum of understanding in September.
Mercedes-Benz mentioned Rivian’s choice wouldn’t impression the timeline of its electrification technique or the deliberate ramp-up of its new electrical automobile manufacturing website in Jawor, Poland.
It is a breaking information story and can be up to date shortly.
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