Monday, December 12, 2022

Rivian Pauses Deal with Mercedes-Benz

Irvine-based electric vehicle manufacturer Rivian said this morning that it will "no longer pursue" the Memorandum of Understanding with Mercedes-Benz, where it would co-produce electric vans in Europe with Mercedes-Benz. According to Rivian, the deal--which it only announced a few weeks ago--was paused so it can "pursue the best risk-adjusted returns on our capital investments", and so it can focus on its "current consumer product development roadmap and manufacturing capacity expansion as well as its commercial business". It's unclear what drove the decision to back off the joint venture with Mercedes-Benz.