8.8 C
Thursday, October 21, 2021

Electrical automobile maker Rivian has filed to go public

Must read

- Advertisement -

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

According to 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 12 months 2020 was $1.02 billion, the submitting exhibits. The corporate expects to commerce beneath the ticker image RIVN.

“We’re a improvement stage firm and haven’t generated materials income to this point,” Rivian writes within the submitting. “Car manufacturing and deliveries started in September 2021.” We recently tried its first consumer vehicle, 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 thus far.

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

- Advertisement -

Rivian entered into an settlement with Amazon in 2019, and the submitting exhibits that beneath the phrases of that settlement, Rivian agreed to collaborate with Amazon’s Logistics section “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 nicely.

The R1T was first displayed at the 2018 Los Angeles Auto Show, and has suffered multiple delays.

The corporate has raised over $10 billion in funding to this point, one quarter of that from a recent round of funding in July.

Source link

More articles

- Advertisement -

Latest article