No intentions to develop cars with VW, according to Rivian

Following a media story claiming that the American electric car manufacturer was in early negotiations with the German automaker to expand a recent relationship beyond software, Rivian announced on Tuesday that it has no intentions to create vehicles with Volkswagen.

Overnight trading saw a 1.5% decline in Rivian shares.

According to sources acquainted with the situation, the German publication Handelsblatt stated on Tuesday that a wider collaboration would involve producing Rivian’s more affordable R2 SUVs at VW’s South Carolina facility, which is presently building new facilities.

«There are no plans for vehicle production with Volkswagen Group,» a Rivian spokesman said in an email to Reuters. Volkswagen declined to comment on the press information and said its clear focus was on the joint venture.