Shares of electric vehicle maker Rivian Automotive, Inc. (RIVN) were falling more than 4% in the early morning trade on Monday at $26.23.
The company today said it decided to drop partnership plans with Mercedes-Benz.
Rivian had signed Memorandum of Understanding with Mercedes-Benz in September this year to jointly produce electric vans in Europe. The company said it plans to focus on its consumer business.
“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 for Rivian,” said RJ Scaringe, Chief Executive Officer of Rivian.
RIVN has traded in the range of $19.25 – $121.64 in the last 1 year.
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