"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. The U.S.-based EV maker announced plans to offer $1.25 billion in senior secure green notes due 2031 in a private offering. The EV maker plans to use those funds, as well as cash on hand, to redeem $1.25 billion of outstanding senior secured notes due in 2026."
"The company reported full-year earnings in late February, announcing a negative gross profit of $1.2 billion compared to negative $2 billion in 2023, alongside record gross profits in Q4. Rivian expects to announce Q2 earnings on Aug. 5 after the market closes. Institutional ownership remains somewhat wary of the stock, with 54.82% of its float currently held by institutions. The largest institutional holder of RIVN remains Amazon (NASDAQ:AMZN) with 158,363,834 shares."
Rivian shares are modestly positive year-to-date and up about 6% over the past year after recent short-term volatility. The company is continuing work on a Georgia plant slated to open in 2028 and partnered with Google Maps to power navigation data via the Automotive SDK while keeping a customized 15.6-inch center touchscreen interface. Rivian plans a private offering of $1.25 billion in senior secured green notes due 2031 and will use proceeds to redeem $1.25 billion of secured notes due in 2026. Full-year gross profit improved to a negative $1.2 billion from negative $2 billion in 2023, with record Q4 gross profits. Institutional investors hold 54.82% of the float, led by Amazon.
Read at 24/7 Wall St.
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