Rivian, Mercedes to Partner on Electric-Van Production
September 08 2022 - 9:49AM
Dow Jones News
By Will Feuer
Electric carmaker Rivian Automotive Inc. has signed a memorandum
of understanding with a Mercedes-Benz Group AG unit to partner on
the production of electric vans, the companies said Thursday.
The companies said they intend to establish a new joint venture
manufacturing company to invest in and operate a factory in Europe
to produce large electric vans for both Mercedes-Benz Vans and
Rivian starting in a few years. The planned electric-only
production facility would leverage an existing Mercedes site in
Central or Eastern Europe, the companies said.
The collaboration is expected to lower costs for the two
companies, allowing them to make the vans more affordable for
commercial customers, the companies said.
"We are sharing investments and technology because we also share
the same strategic ambition: accelerating the electrification of
the van market with sustainable and superior products for our
customers," said Mathias Geisen, head of Mercedes-Benz Vans.
Shares of Rivian rose more than 9%, to $36.31, a share in
premarket trading. So far this year, the stock has fallen almost
68%.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
September 08, 2022 09:34 ET (13:34 GMT)
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