Electric vehicle maker Rivian has filed to go public
Electric vehicle maker Rivian, backed by Ford and Amazon, filed for an initial public offering on the Nasdaq exchange on Friday. The company confidentially filed its IPO with the Securities and Exchange Commission in August and it was made public today.
For the first half of 2021, Rivian had a net loss of $994 million on revenue of zero, according to an S-1 filed with the SEC. Its net loss for the full year 2020 was $1.02 billion, the filing shows. The company is expected to trade under the ticker symbol RIVN.
“We are a growth stage company and have not generated physical revenue to date,” Rivian writes in the filing. “Vehicle production and delivery began in September 2021.” We recently tried out its first consumer vehicle, the R1T electric pickup truck, and today’s filing says the company plans to launch its first SUV, the R1S, in December.
Rivian says it has just over 48,000 pre-orders of the R1T and R1S in the US and Canada. Pre-order customers each paid a fully refundable deposit of $1,000, and this is the company’s only revenue to date.
Rivian expects its revenue to come mostly from Amazon initially, the filing shows; “In the near term … we expect a significant portion of our revenue to come from Amazon Logistics.” Amazon and Ford both own more than 5 percent of Rivian, and Peter Kravic, a senior vice president at Amazon, is on Rivian’s board of directors.
Rivian entered into an agreement with Amazon in 2019, and the filing shows that under the terms of that agreement, Rivian agreed to collaborate with Amazon’s logistics segment to “design, develop, manufacture and supply” . [electric delivery vans]… for use in Amazon’s last-mile delivery operations.” Amazon holds certain exclusive rights to Rivian’s electric delivery vans (EDVs) for four years, and a right of first refusal for two years thereafter. The company says that it does not expect to ship its electric delivery vans till December.
The R1T was first showcased at the 2018 Los Angeles Auto Show, and has had several delays.
The company has raised more than $10 billion in funding so far, a quarter of which is from the most recent funding round in July.
#Electric #vehicle #maker #Rivian #filed #public