Mercedes-Benz Group AG and Rivian Automotive Inc. said Thursday they agreed to form a joint venture to manufacture electric vans in a new electric-only production facility to be built near an existing Mercedes--Benz site in Europe. The two car companies plan to produce one model based on MB Vans electric architecture from Mercedes and a second model based on the second generation electric-van, Rivian light van (RLV) platform. Financial terms were not disclosed. Rivian shares rose 6.5% in premarket trades. The stock is down about 68% in 2022 compared to a 24.6% drop by the Nasdaq.
(END) Dow Jones Newswires
September 08, 2022 09:30 ET (13:30 GMT)
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