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.
Source: Read Full Article
-
Germany’s dwpbank Set to Enable Bitcoin Trading for Over 1,200 Affiliate Banks
-
First Republic Bank Shares Plunge; To Privately Place $125 Mln Of Shares
-
Bitcoin: A ‘Lottery Ticket’? Ireland’s Central Bank Governor Weighs In on Crypto
-
BMW Thailand To Use Blockchain Technology For Daily Operations
-
BitMEX Co-Founder on Bitcoin and U.S. Banking Crisis