Rivian Automotive pauses plans to produce electric commercial vans in Europe

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."