Rivian stated Monday it was pausing plans to fabricate electrical industrial 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 relating to the Memorandum of Understanding we signed earlier this 12 months for joint manufacturing of electrical vans in Europe,” Rivian CEO RJ Scaringe stated, noting the corporate was pursuing “the perfect risk-adjusted returns” on its capital investments.
“At this cut-off date, we consider specializing in our client enterprise, in addition to our present industrial enterprise, symbolize essentially the most engaging near-term alternatives to maximise worth for Rivian,” he added.
The corporate stated 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 stated Rivian’s resolution wouldn’t affect the timeline of its electrification technique or the deliberate ramp-up of its new electrical automobile manufacturing web site in Jawor, Poland.
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