London
CNN
—
Rivian said Monday it would no longer pursue a deal with Mercedes to build electric vans for businesses in Europe.
In a statement, CEO RJ Scaringe said the company needed to be strategic about its 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,” Scaringe said.
A memorandum between Rivian and Mercedes was agreed just three months ago. They had planned to produce two large vans — one based on Mercedes’ engineering and another with “second-generation” Rivian engineering.
The two companies said Monday they may still collaborate in the future.
Rivian, which is known for its electric trucks, generated huge hype when it made its public market debut in 2021. It raised…
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