"Shares of Rivian Automotive (NASDAQ:RIVN) lost 3.40% over the past five trading sessions after losing 9.49% the five prior. The current skid has seen the stock slide 17.29% from its one-month high, which has dragged RIVN's year-to-date performance down to a 1.43% loss. Over the past year, the stock is up 26.18%. In July, the EV maker announced that is continuing work on its Georgia plant, which is slated to open in 2028."
"Earlier in July, Rivian announced a partnership with Google Maps on a new navigation system for its electric vehicles. Rivian will continue to offer its own customized navigation interface on the 15.6-inch center touchscreen, but the underlying data is now powered by the Automotive SDK from Google Maps instead of third-party alternatives. On June 2, it was reported that Rivian was eyeing a new debt deal as expected vehicle deliveries slumped."
Rivian shares declined recently, losing 3.40% over five sessions after a prior 9.49% drop and sliding 17.29% from a one-month high. Year-to-date performance is a 1.43% loss while the stock is up 26.18% over the past year. The company continues work on a Georgia plant slated to open in 2028 and replaced third-party navigation data with Google Maps Automotive SDK while keeping its customized 15.6-inch touchscreen interface. Rivian planned a $1.25 billion senior secured green note offering due 2031 to redeem $1.25 billion of notes due 2026. Full-year gross profit improved to a negative $1.2 billion versus negative $2 billion in 2023. Q2 earnings are expected Aug. 5. Institutional ownership is 54.82%.
Read at 24/7 Wall St.
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