Rivian, Mercedes pause joint European electric van plant

KIFI

Published December 12, 2022 8:40 AM

By MATT OTT
AP Business Writer

Electric vehicle maker Rivian is setting aside its planned partnership with Mercedes-Benz to produce electric vans in Europe so that it can focus on its existing commercial and consumer business. California-based Rivian said Monday it was putting on “pause” the memorandum of understanding that was signed between the American and German companies in September. That agreement called for a joint-venture European factory that would produce vans for both companies. The companies said revisiting the joint venture in the future remains an option. Shares of Rivian Automotive Inc. slipped 2% early Monday and have plunged 74% this year.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.