leadership. After staging one of the biggest US initial public offerings ever just over a year ago, the company flagged that its factory would only produce half the number of vehicles it has capacity to build this year, due to supply chain issues. It’s also had to cut jobs and recall almost all the EVs it delivered to customers.
Rivian shares fell as much as 4.6% as of 9:35 a.m. Monday in New York, while Mercedes traded down 1% in Frankfurt.Mercedes saw partnering with Rivian as a chance to share tech and investment with an upstart as it electrifies its van lineup.
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