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 “A Better Routeplanner,” which Rivian RIVN, -6.88% claimed to be “an industry leader” in EV trip planning and enjoys a “strong community” 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 Rivian’s in-vehicle navigation system and Rivian’s mobile app, the EV maker said. Rivian has carved a niche for itself by marketing its vehicles as rugged, “adventure” 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, -5.46% so its EV owners could use Tesla’s fast-charging network, joining Ford Motor Co. F, -1.41% and General Motors Co. GM, -0.83% in making similar announcements.
Tesla’s 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, -0.52%.