Rivian Automotive (NASDAQ:RIVN), an electric vehicle (EV) maker originally backed by Ford Motor (NYSE:F) and Amazon (NASDAQ:AMZN), confirmed , a Swedish route planning company, as it builds its technology stack.
RIVN stock was down almost 7% on June 21. It was expected to open this morning at about $14.50, with a market capitalization of $13.7 billion.
Iternio is known for , which uses data on EVs, charging stations, weather and traffic . The software is available as a consumer app.
Lots of Rivian News
The move comes a day after Rivian agreed to use Tesla’s (NASDAQ:TSLA) plug standard , making Tesla a de-facto North American standard for 480-volt charging. The company also issued
, maintaining its production estimates.
On the negative side, a Mizuho analyst on the stock, and the company held at its factory in Normal, Illinois, indicating inventory is building up. The company is also in the Nasdaq-100. The stock price is down 46% over the last year.
Rivian plans to make in Normal this year. The company is also shortening the delivery time on its R1T electric truck to .
Bigger news may be the rumors about Rivian’s to be introduced next year. The R2 will be a platform for lower-cost cars and trucks, with prices for the SUV , competing directly with the Tesla Model Y. Current Rivian vehicles cost over $70,000. The news was first reported at .
RIVN Stock: What Happens Next?
Regardless of its current difficulties, Rivian is acting like a company here for the long haul, moving ahead with its $5 billion move to Georgia. The new of Atlanta Mayor Andre Dickens is a Rivian R1T truck.
As of this writing, Dana Blankenhorn had a LONG position in AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
