
Rivian and Mercedes-Benz have paused plans to produce electric commercial vans in Europe just three months after the two automakers announced the partnership.
Rivian shares fell as much as 3.4% before rebounding slightly. Rivian shares are trading at $26.62, down 2.46% since the market opened.
Mathias Geisen, head of Mercedes-Benz Vans, said the collaboration with the Rivian team has been based on a common engineering passion and a strong spirit of partnership. “That’s why I respect and understand the decision of Rivian to prioritize the delivery of their consumer business and existing commercial business in the near-term,” he said in a statement.
Geisen added that the company’s electrification strategy at Mercedes-Benz Vans remains unchanged and the ramp-up plan for its new EV manufacturing site in Jawor, Poland is not affected.
Rivian founder and CEO RJ Scaringe said in a statement that as the company evaluates growth opportunities, …