Rivian Automotive Inc RIVN shares are trading higher Thursday after the company signed a memorandum of understanding with Mercedes-Benz for a strategic partnership centered around joint production of electric vans.
The companies intend to establish a new joint venture manufacturing company with the purpose of investing in, and operating, a factory in Europe to produce large electric vans for both Mercedes‑Benz Vans and Rivian. The companies plan to leverage shared investments and shared costs. Rivian and Mercedes-Benz will also pursue operational synergies to rapidly scale electric van production.
The joint venture manufacturing company is expected to be formed within a few years. The companies plan to build an all-new electric-only production facility leveraging an existing Mercedes‑Benz site in Central/Eastern Europe.
"From 2025 onwards, all vans based on our new architecture VAN.EA will be electric-only. I am delighted that as part of this transformation we are now joining forces with Rivian - a highly dynamic and inspiring partner with a strong technology position," said Mathias Geisen, head of Mercedes-Benz Vans.
RIVN Price Action: Rivian has a 52-week high of $106.80 and a 52-week low of $19.25.
The stock was up 8.3% at $36.01 at time of publication.
Photo: courtesy of Rivian.
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