Electrical vehicle maker Rivian, backed by Ford ANd Amazon, filed for an initial public giving on Fri on the data system exchange. the corporate filed its IPO confidentially with the Securities and Exchange Commission in August, and it absolutely was created public today.
in step with the S-1 filed with the SEC, Rivian had a web loss of $994 million on revenue of zero for the primary 1/2 2021. Its net loss for full year 2020 was $1.02 billion, the filing shows. the corporate expects to trade under the ticker image RIVN.
“We are a development stage company and haven't generated material revenue to date,” Rivian writes within the filing. “Vehicle production and deliveries began in Sept 2021.” we tend to recently tried its 1st client vehicle, the R1T electrical pickup truck, and today's filing says the corporate plans to launch its first SUV, the R1S, in December.
Rivian says it's pre-orders for simply over 48,000 of the R1T and R1S in the United States and Canada. The preorder customers had paid absolutely refundable deposits of $1,000 each, and that's the company's only revenue thus far.
Rivian expects its revenue ab initio to come back largely from Amazon, the filing shows; “In the close to term… we tend to expect that a major portion of our revenue are going to be from Amazon provision.” each Amazon and Ford own over five p.c of Rivian, and Peter Krawiec, a senior vice chairman at Amazon, is on Rivian's board of directors.
Rivian entered into an agreement with Amazon in 2019, and also the filing shows that underneath the terms of that agreement, Rivian united to collaborate with Amazon's Logistics phase “to design, develop, manufacture, and supply [electric delivery vans]… to be used in Amazon's last-mile delivery operations.” Amazon has some exclusive rights to Rivian's electrical delivery vans (EDVs) for four years, and right of 1st refusal for 2 years once that. the corporate says it doesn't expect to ship its electric delivery vans till Gregorian calendar month as well.