"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 Sept. 23, Mizuho raised its price target on Rivian to $14 from $12, keeping a "Neutral" rating on the shares. The firm increased estimates in the autos space, saying U.S. tariffs should have a minimal impact on new vehicle prices. In addition, August U.S. electric vehicle sales were up 17% year-over-year as consumers look to cash in before the Inflation Reduction Act credits end, according to a Mizhuo research note to investors."
Rivian's shares fell 9.49% over the past five trading sessions following a prior 2.77% decline, leaving year-to-date gains around 1.51% and a one-year gain of 28.22%. The company is advancing work on a Georgia plant scheduled to open in 2028 and integrated Google Maps Automotive SDK for navigation while keeping its customized 15.6-inch touchscreen interface. Rivian plans a $1.25 billion senior secured green note offering due 2031 to redeem $1.25 billion of 2026 notes. Mizuho raised its price target to $14 with a Neutral rating. August U.S. EV sales rose 17% year-over-year. Full-year gross loss narrowed to $1.2 billion versus negative $2 billion in 2023, with record gross profits in Q4. Q2 earnings expected Aug. 5. Institutional holders control about 54.82% of the float.
Read at 24/7 Wall St.
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