Rivian shares climbed 8.25% over five trading sessions, reducing year-to-date loss to 0.58% while remaining down 8.26% over the past year. The company is advancing work on its Georgia plant, targeted to open in 2028, and partnered with Google Maps to power navigation data via the Automotive SDK while retaining a customized 15.6-inch touchscreen interface. Rivian plans a private offering of $1.25 billion in senior secured green notes due 2031 to redeem $1.25 billion of 2026 notes. Full-year results showed a negative gross profit of $1.2 billion versus negative $2 billion in 2023, with record Q4 gross profits. Institutions hold 53% of the float, and Amazon is the largest institutional holder with 158,363,834 shares. Q2 earnings are expected Aug. 5.
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.
Guggenheim recently downgraded Rivian to Neutral from Buy. 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 53% of its float currently held by institutions. The largest institutional holder of RIVN remains Amazon (NASDAQ:AMZN) with 158,363,834 shares.
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