Electric car-maker Rivian has put a pause on plans to co-develop multiple new electric delivery vans with luxury German automaker Mercedes-Benz.
Rivian was concerned about spending a lot of money on an expensive new vehicle development project amid a slowing economy, reports The Verge.
“At this point in time, we believe focusing on our consumer business, as well as our existing commercial business, represent the most attractive near-term opportunities to maximize value,” RJ Scaringe, CEO, Rivian, said in a statement.
The companies were supposed to build the vehicles together at a manufacturing site in Europe, but the German automaker is not going to pause its own plans.
