Rivian pauses CEO RJ scaringe stated that they have halted discussions with Mercedes?

Rivian announced Monday that it had stopped plans to produce electric commercial vans in Europe, and would “no more pursue” the agreement with Mercedes Benz three months ago.

Rivian CEO RJ scaringe stated that they have halted discussions with Mercedes-Benz Vans over the Memorandum of Understanding signed earlier in the year for joint production of electric vehicles in Europe. He noted that the company was seeking “the best risk-adjusted return” on capital investments.

He said, “At the moment, we believe that focusing on our consumers business as well as our commercial business represent the most attractive near term opportunities to maximize Rivian’s value.”

American-based manufacturer of electric vehicles said it is open to future collaboration with Mercedes-Benz, “at a better time for Rivian.”

Mercedes-Benz stated that Rivian’s decision will not affect the timeline for its electrification strategy nor the planned ramp-up at its new electric vehicle manufacturing plant in Jawor (Poland)

Mathias Geisen from Mercedes-Benz Vans stated that “Exploring strategic possibilities with the team at Rivian remains an option.”

Monday’s news comes as the European Union raises concerns regarding the United States Inflation Reduction Act. This was signed by President Joe Biden on August.

The Department of Energy says that the IRA represents a $369 billion historic investment in modernizing the American energy system.

Among other things, the IRA includes a tax credit for electric vehicles whose final assembly is in North America. This could pose a challenge to European carmakers over the coming years.

The EU, a major political and economic bloc that includes 27 countries is planning for the end of the sale of new gasoline and diesel cars and vans.

Shivi

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