The companies announced a memorandum of understanding Thursday and plan to create a joint-venture to create the factory within a few years.
The companies are looking to produce two large vans, one based on VAN.EA, the electric-only platform of
The agreement comes two years after
Now Rivian needs to scale up rapidly to prove to investors that it can produce enough vehicles to satisfy demand. It would need to more than double the production of its most recent quarter to reach its goal of 25,000 this year.
One thing Rivian has produced an abundance of is hype.
Within days of becoming a publicly traded company last year, Rivian briefly rocketed past
It was given
But it has long lost its title as the second-most valuable
Shares of
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source