Rivian Jumped Over 7% in Morning Trading After Mercedes-Benz Vans and Rivian Moved to Partner on Electric Van Production
Tiger Newspress2022-09-08
Rivian jumped over 7% in morning trading after Mercedes-Benz Vans and Rivian moved to partner on electric van production. 
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.
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