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An electric pick-up truck is pictured at the Rivian Automotive Inc facility in Costa Mesa, California, U.S.,November 1, 2023. Smaller rival Lucid (LCID.O) cut its production forecast on Tuesday "to prudently align with deliveries", sending its shares down 3%. Last month, it reported third-quarter deliveries above market expectations. The company reported a net loss of $1.37 billion, compared with a loss of $1.72 billion a year earlier. Its third-quarter production fell nearly 30% to 1,550 vehicles.

Persons: Mike Blake, Tesla, Elon Musk, I'm, RJ Scaringe, Scaringe, Rivian, Alec Lucas, Akash Sriram, Zaheer Kachwala, Abhirup Roy, Krishna Chandra Organizations: Rivian Automotive Inc, REUTERS, Rivian, Reuters, Global, Saudi Arabia's Public Investment Fund, Amazon, Wall, Thomson Locations: Costa Mesa , California, U.S, Bengaluru, San Francisco

SAN FRANCISCO, June 21 (Reuters) - Rivian (RIVN.O) has acquired Swedish EV route planning app maker Iternio to add its technology to its electric pickups and sport utility vehicles, as well use its data to better expand its own charging network, its CEO told Reuters on Wednesday. Rivian CEO RJ Scaringe did not disclose the value of the deal but said it was closed in the first quarter. Scaringe said Rivian would invest in improving and growing ABRP as a stand-alone app for users of other EVs and integrate Iternio's technology into its mobile app and in-vehicle navigation system. Iternio was founded in 2018 and operates two lines of business: the ABRP app, which is the consumer-facing side, and a back end where it provides routing data services for other entities. Reporting by Abhirup Roy in San Francisco and Akash Sriram in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: RJ Scaringe, Scaringe, Rivian, Iternio, Tesla, Abhirup Roy, Akash Sriram, Jonathan Oatis Organizations: FRANCISCO, Swedish EV, Reuters, EV, Thomson Locations: Swedish, North America, Europe, San Francisco, Bengaluru

That is one of the cheapest prices in the EV group, and Fisker, which has produced only 56 vehicles so far, saw orders improve. Nikola said issues hurting demand for its battery-powered trucks would not ease any time soon. Rivian forecast 2023 production well below analyst estimates on Tuesday, citing nagging supply chain shortages, sending shares down 8% in after-hours trading. Bowe oversees investments in a host of startups, including EV charging companies, and said she was looking at investment opportunities in EV makers. But the four companies have already lost a combined $84 billion in value over the past year, given production woes and supply chain disruptions.

The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA.O) and Ford Motor Co (F.N). The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group (LCID.O) and British startup Arrival , which Monday said it would lay off half its staff. To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes (MBGn.DE). As of Sept. 30, 2022, the automaker reported having $13.27 billion in cash and cash equivalents, down from over $18 billion a year earlier.

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