Rivian and Mercedes-Benz electric van partnership is on hold indefinitely
Rivian and Mercedes-Benz halted plans to co-develop multiple new electric delivery vans based on both companies’ commercial EV platforms. Rivian put the agreement on pause reportedly 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 had signed a memorandum of understanding in September for a joint venture to build large commercial electric vans.
The companies were going to build the vehicles...