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Rivian Expands EV Trip Planning Capabilities
Electric vehicle (EV) startup Rivian Automotive Inc. has made an important acquisition by purchasing Swedish mapping company Iternio. The move aims to enhance the EV ownership experience by integrating Iternio’s popular app, “A Better Routeplanner,” into Rivian’s in-vehicle systems. This application is renowned for its ability to plan efficient routes and locate EV charging stations along the way, making it an industry leader in EV trip planning.
Iternio’s app has garnered a strong community of EV drivers in North America and Europe. Rivian plans to continue improving the app while offering it as a standalone tool and integrating it into their in-vehicle navigation system and mobile app. This strategic acquisition aligns with Rivian’s focus on marketing its vehicles as rugged and adventure-oriented EVs, further solidifying the company’s commitment to providing a seamless and convenient EV ownership experience.
Following the announcement, Rivian’s shares experienced a slight dip of nearly 7% during regular trading hours on Wednesday, but showed a marginal recovery of 0.5% in the aftermarket. Notably, Rivian recently struck a deal with Tesla Inc. to grant its EV owners access to Tesla’s fast-charging network, joining other major automakers such as Ford Motor Co. and General Motors Co. in similar collaborations. The adoption of Tesla’s fast-charging standard as the de facto norm in North America highlights the commitment of automakers to equip their vehicles with compatible connectors by 2025.
While Rivian’s shares have experienced a 21% decline so far this year, the company remains focused on expanding its EV offerings and enhancing the overall EV ownership experience. As the electric vehicle market continues to evolve rapidly, Rivian’s strategic moves position the company to seize opportunities and cater to the growing demand for sustainable and adventure-driven electric vehicles.