Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now


Rivian pulls plug on Mercedes electric van deal

The American electric vehicle start-up backed by Amazon has halted a joint venture with Mercedes-Benz to produce vans in Europe.

Rivian, which has been seeking to reduce its cash burn, said that it wanted to concentrate on its existing commercial deals.

Rivian and Mercedes signed a memorandum of understanding in September that involved a jointly owned factory producing electric vans for both companies.

“We share the same goal as Mercedes-Benz Vans, to help the world to transition to electric vehicles, and we look forward to exploring opportunities with them at a more appropriate time for Rivian,” Robert Scaringe, 39, the chief executive, said.

Mercedes-Benz Vans said that it “respects” the decision. It will continue its own electrification strategy and will increase production at its first dedicated electric van factory, in Poland.

Mathias Geisen, 44, head of Mercedes-Benz Vans, said: “Exploring strategic opportunities with the team at Rivian in the future remains an option.”

Rivian’s investors include Amazon and Ford. It has a deal to supply Amazon with 100,000 electric vans and is building a plant in Atlanta, Georgia, which it hopes will open in 2024 and will produce 400,000 vehicles a year.

In October, Rivian, based in California, recalled almost all the vehicles it had delivered to customers — about 13,000 — to tighten loose nuts that could cause steering problems.

Read more:
Rivian pulls plug on Mercedes electric van deal

    You May Also Like


    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...


    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...


    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...


    Mark Zuckerberg has laid off more than 11,000 Meta’s employees, about 13 per cent of its global workforce, in what he described as “some...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 | All Rights Reserved