On Thursday, Rivian Automotive declined as the electric vehicle (EV) maker acquired Iternio, a Swedish EV route planning application maker.
Its stock price went down by -3.21% to $14.15 per share. According to CEO RJ Scaringe, they plan on including the technology in their electric pickups and sport utility vehicles. Also, it will utilize its data in expanding its charging network.
However, Scaringe did not clarify the deal’s value, but he stated that it was closed in the first quarter.
A Better Routeplanner (ABRP), Iternio’s application, gathered popularity from EV users in North America and Europe. Its services include route calculation, which considers weather conditions, charging locations, vehicle weight, and more.
Moreover, the Rivian CEO revealed he intended to invest in making ABRP better and turn it into a standalone app. It would cater to EV users of various brands.
The electric vehicle maker aims to integrate Iternio’s technology into its mobile application. This collaboration will utilize its expertise to deliver better navigation features and route planning. Mainly, it is tailored for Rivian owners and their EVs.
Additionally, Scaringe said data on locations with a shortage of chargers or poor-performing charges would help them. He mentioned that the data from having an active user base enables them to build charging infrastructures intentionally.
Tesla Works with Rivian to Give Charging Access
Tesla had an agreement with EV maker Rivian Automotive to use their charging network. This could lead to Tesla Superchargers becoming an industry standard in the US.
The deal would enable drivers to access a network of 12,000 Superchargers across America and Canada. It would take in Tesla’s North American Charging Standard connector in R1 vehicles and its R2 platform to be released.
Scaringe noted that this collaboration could help push towards carbon neutrality.
Also, Rivian said that transport is accountable for over a quarter of US greenhouse gas emissions. The company added that giving more charger access to drivers is essential in helping to boost EV adoption.