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Rivian Automotive Inc. said late Wednesday it has bought a Swedish mapping company to help its EV owners to plan routes and find charging stations along the way.
The company, Iternio, is the developer of an app called โA Better Routeplanner,โ which Rivian
RIVN,
claimed to be โan industry leaderโ in EV trip planning and enjoys a โstrong communityโ of EV drivers in North America and Europe. Terms of the deal were not disclosed.
Rivian and Iternio will continue to maintain and improve the app as both a standalone and integrated into Rivianโs in-vehicle navigation system and Rivianโs mobile app, the EV maker said. Rivian has carved a niche for itself by marketing its vehicles as rugged, โadventureโ EVs.
Shares of Rivian ended the regular trading Wednesday down nearly 7%, and edged 0.5% higher in the aftermarket.
The EV maker said earlier this week it had inked a deal with Tesla Inc.
TSLA,
so its EV owners could use Teslaโs fast-charging network, joining Ford Motor Co.
F,
and General Motors Co.
GM,
in making similar announcements.
Teslaโs fast-charging standard has become the de facto standard in North America, with automakers saying they will equip their cars with the connectors by 2025 and will provide adapters in the meantime.
Rivian shares have lost 21% so far this year, contrasting with gains of around 14% for the S&P 500 index
SPX,
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