How Rivian got a $3 billion boost from making Mercedes a frenemy
, replaced Hinrichs as a Rivian director, but didn’t stay on for long. Yet another replacement stepped down leading up to Rivian’s IPO, leaving Ford without a board seat.
Ford and Rivian have been relatively mum about their future together. Now the former, which still owns a 9.6% stake in the latter, may end up with more formidable competition in thebusiness that is a huge point of pride and emphasis for Ford CEO Jim Farley. The automaker announced plans just this week to start selling the electric version of its best-selling European delivery van, the E-Transit Custom, roughly a year from now.
Amazon has exclusive rights to Rivian’s delivery vehicles for four years after receiving its first one, as well as the right of first refusal to buy its vans for two years after that. It’s surely hoping the Rivian-Mercedes deal will mean more electric van availability, and ideally at lower costs.Rivian seeking to establish production in Europe is not a surprise: Executives have had their eye on the market for some time.
The company scouted locations for a potential factory in locations including the UK, Germany and Hungary, people familiar with the matter told Bloomberg in February last year. Rivian opting to set up shop with Mercedes somewhere in central or eastern Europe will be a letdown to those who courted the company.
In one indication of just how eager leaders were to land the investment, then-Prime Minister Boris Johnson tried to woo Scaringe himself,
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