Rivian has announced it is pausing plans to produce its electric commercial vans in Europe and will therefore no longer pursue the memorandum of understanding with Mercedes-Benz. This memorandum of understanding was signed in September. RJ Scaringe, CEO of Rivian said: "We’ve decided to pause discussions with Mercedes-Benz Vans regarding the Memorandum of Understanding we signed earlier this year for joint production of electric vans in Europe. As we evaluate growth opportunities, we pursue the best risk-adjusted returns on our capital investments. At this point in time, we believe focusing on our consumer business, as well as our existing commercial business, represent the most attractive near-term opportunities to maximize value for Rivian. We share the same goal as Mercedes-Benz Vans, to help the world transition to electric vehicles, and we look forward to exploring opportunities with them at a more appropriate time for Rivian."
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