Electrical car maker Rivian, backed by Ford and Amazon, filed for an preliminary public providing on Friday on the Nasdaq alternate. The firm filed its IPO confidentially with the Securities and Alternate Fee in August, and it was made public at present.

Based on the S-1 filed with the SEC, Rivian had a web lack of $994 million on income of zero for the primary half of 2021. Its web loss for full yr 2020 was $1.02 billion, the submitting exhibits. The corporate expects to commerce below the ticker image RIVN.

“We’re a growth stage firm and haven’t generated materials income up to now,” Rivian writes within the submitting. “Automobile manufacturing and deliveries started in September 2021.” We just lately tried its first shopper car, the R1T electrical pickup truck, and at present’s submitting says the corporate plans to launch its first SUV, the R1S, in December.

Rivian says it has pre-orders for simply over 48,000 of the R1T and R1S within the US and Canada. The preorder prospects had paid totally refundable deposits of $1,000 every, and that’s the corporate’s solely income to date.

Rivian expects its income initially to come back principally from Amazon, the submitting exhibits; “Within the close to time period… we count on that a good portion of our income might be from Amazon Logistics.” Each Amazon and Ford personal greater than 5 % of Rivian, and Peter Krawiec, a senior vp at Amazon, is on Rivian’s board of administrators.

Rivian entered into an settlement with Amazon in 2019, and the submitting exhibits that below the phrases of that settlement, Rivian agreed to collaborate with Amazon’s Logistics phase “to design, develop, manufacture, and provide [electric delivery vans]… to be used in Amazon’s last-mile supply operations.” Amazon has some unique rights to Rivian’s electrical supply vans (EDVs) for 4 years, and proper of first refusal for 2 years after that. The corporate says it doesn’t count on to ship its electrical supply vans till December as effectively.


Please enter your comment!
Please enter your name here