Rivian Automotive Inc said on Monday it is pausing its joint venture with Mercedes-Benz Vans, just three months after the companies entered a partnership to make electric vans in Europe.
said on Monday it is pausing its joint venture with Mercedes-Benz Vans, just three months after the companies entered a partnership to make electric vans in Europe.
The electric vehicle maker said it will focus on its consumer and existing commercial business as it tries to become cash flow positive in its U.S. operations. "The pausing of this partnership reflects our process of continually evaluating our major capital projects, while taking into consideration our current and anticipated economic conditions," Rivian Chief Financial Officer Claire McDonough said in a statement.
Rivian is in a crowded field of startups trying to cash in on demand for electric commercial vans under pressure from established automakers including Ford
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