Just 3 months after announcing a partnership with Mercedes to manufacture electric advertising vans in Europe, Rivian now announces that it will postpone plans to concentrate on its own business. like our existing business operations, represents the maximum near-term hot opportunities to maximize Rivian’s value,” he said in a press release.
The company said it would “no longer pursue the Mercedes-Benz memo,” but the separation appears to be amicable and potentially non-permanent. “Exploring strategic opportunities with the Rivian team in the long term remains an option, as it percentages the same strategic ambition: to drive the adoption of electric cars with reference products for our customers,” Mathias Geisen, head of vans at Mercedes-Benz, said in a statement. He added that Rivian’s resolution would not replace his advertising electrification strategy.
Rivian has experienced some setbacks over the past year. Despite being one of the most sensible electric vehicle startups funded, the company announced last summer that it would lay off 6% of its workforce in a bid to cut costs. Previously, it revealed that it would increase the costs of cars that are already on pre-order, before backing down and applying the increases only to long-term orders. On the plus side, its R1S SUV and R1T electric cars have earned savvy reviews. Enable browser notifications to get the newest. Engadget news alerts.
Other EV startups have also struggled this year due to inflation, emerging interest rates and other issues. The arrival, meanwhile, was forced to suspend its plans for buses and electric cars due to currency problems. And Faraday Future delayed the launch of its first electric vehicle, the FF91, also because of currency problems.