Rivian pauses venture with Mercedes-Benz, focuses on its consumer business
because it was concerned about spending a lot of money on an expensive new vehicle development project amid a slowing economy.
“At this point in time, we believe focusing on our consumer business, as well as our existing commercial business, represent the most attractive near-term opportunities to maximize value,” Rivian CEO RJ Scaringe stated in a press release. Both Mercedes-Benz and Rivian hadfor a joint venture to build large commercial electric vans.
The companies were going to build the vehicles together at a manufacturing site in Poland, but the German automaker isn’t going to pause its own plans. “The ramp-up plan for our new EV manufacturing site in Jawor, Poland is not affected,” Mercedes-Benz head of vans Mathias Geisen said in a statement. “We will continue with full speed and determination to scale up electric vehicle production in our first dedicated electric van plant.”.
At the time of the partnership announcement, Mercedes-Benz had an interest in retaining its position as “the only” automaker making large vans in Germany, according to Geisen. The original news jumped Rivian’s stock 10 percent, but that
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