Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Rivian pulls plug on Mercedes electric van deal

by December 13, 2022
December 13, 2022
Rivian pulls plug on Mercedes electric van deal

The American electric vehicle start-up backed by Amazon has halted a joint venture with Mercedes-Benz to produce vans in Europe.

Rivian, which has been seeking to reduce its cash burn, said that it wanted to concentrate on its existing commercial deals.

Rivian and Mercedes signed a memorandum of understanding in September that involved a jointly owned factory producing electric vans for both companies.

“We share the same goal as Mercedes-Benz Vans, to help the world to transition to electric vehicles, and we look forward to exploring opportunities with them at a more appropriate time for Rivian,” Robert Scaringe, 39, the chief executive, said.

Mercedes-Benz Vans said that it “respects” the decision. It will continue its own electrification strategy and will increase production at its first dedicated electric van factory, in Poland.

Mathias Geisen, 44, head of Mercedes-Benz Vans, said: “Exploring strategic opportunities with the team at Rivian in the future remains an option.”

Rivian’s investors include Amazon and Ford. It has a deal to supply Amazon with 100,000 electric vans and is building a plant in Atlanta, Georgia, which it hopes will open in 2024 and will produce 400,000 vehicles a year.

In October, Rivian, based in California, recalled almost all the vehicles it had delivered to customers — about 13,000 — to tighten loose nuts that could cause steering problems.

Read more:
Rivian pulls plug on Mercedes electric van deal

0
FacebookTwitterGoogle +Pinterest
previous post
Kwarteng disregarded warnings on mini-budget, MPs told
next post
Royal Mail may have lost £200m to strikes

You may also like

SMEs support expansion of work visas to tackle...

July 4, 2023

Foolish not to review IR35’ ahead of General...

July 13, 2023

Significant action required to stabilise UK public finances,...

September 16, 2024

‘Significant action’ needed to stabilise UK finances, warns...

September 18, 2024

Getting To Know You: Jonathon Bentley, MD, Bentley

July 29, 2024

Almost 70% of Brits want the retirement age...

September 1, 2023

New Amazon warehouse strike dates mark a year...

July 27, 2023

KC-approved ‘mini umbrella’ costs taxpayers £50m

July 5, 2023

Cybersecurity in online casinos

September 23, 2022

ABH Holdings Threatens Legal Action Against Cyprus Over...

June 3, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Biden only hand-signed one pardon during final spree, and it was his most controversial one

      June 5, 2025
    • GOP bill takes aim at Congress’ ‘no rules apply’ emergency spending

      June 5, 2025
    • White House highlights Pelosi hypocrisy after Schiff demands Trump admin financial, ethics docs

      June 5, 2025
    • Musk says Trump would have lost 2024 election without him as ‘Big, Beautiful Bill’ feud continues

      June 5, 2025
    • Ex-Biden advisor calls Jean-Pierre ‘kinda dumb,’ deletes tweet, says she’s not a ‘genius-level Black woman’

      June 5, 2025
    • Harmony Squad: Supreme Court Issues Six Unanimous Decisions

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,538)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved