A Rivian brand on an Amazon.com supply electrical van photographed in Chicago, Illinois, on July 21, 2022.
Jamie Kelter Davis | Bloomberg | Getty Pictures
Rivian mentioned Monday it was pausing plans to fabricate electrical business vans in Europe and would “now 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 12 months for joint manufacturing of electrical vans in Europe,” Rivian CEO RJ Scaringe mentioned, noting the corporate was pursuing “the most effective risk-adjusted returns” on its capital investments.
“At this time limit, we consider specializing in our client enterprise, in addition to our present business enterprise, characterize essentially the most engaging near-term alternatives to maximise worth for Rivian,” he added.
The U.S.-based electrical car producer mentioned it stays open to exploring future work with Mercedes-Benz “at a extra acceptable time for Rivian.” The businesses signed their unique memorandum of understanding in September.
Mercedes-Benz mentioned Rivian’s choice wouldn’t influence the timeline of its electrification technique or the deliberate ramp-up of its new electrical car manufacturing web site in Jawor, Poland.
It is a breaking information story and shall be up to date shortly.
