Rivian has halted a deal to make electric vans with Mercedes-Benz in Europe as the start-up seeks to preserve cash reserves by focusing on existing production in North America in deteriorating economic conditions.
The pair signed a memorandum of understanding in September to open a joint plant in central Europe to make battery electric delivery vans, arguing that joint purchasing and other synergies would help both companies increase market share faster.
But on Monday, Rivian said it wanted to “pursue the best risk-adjusted returns on our capital investments”, and was pausing the Mercedes partnership.
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