EV maker Rivian Automotive (NASDAQ:RIVN) is halting plans to produce commercial EVs in Europe and consequently is not pursuing its Memorandum of Understanding (MoA) with Mercedes-Benz (MBGAF) which was signed in September this year.
The company is now focusing on its consumer and existing commercial businesses for maximizing value. Mercedes-Benz noted that the pace of its own electrification strategy remains on track.
Wall Street currently has a Moderate Buy consensus rating on the stock alongside an average price target of $45.20. RIVN shares are already down 4% in the pre-market session today.
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