Electric vehicle maker Rivian has filed for IPO

Ford and Amazon-backed electric vehicle maker Rivian filed a first public offering on Nasdaq on Friday. The company filed its IPO confidentially with the Securities and Exchange Commission in August, and it was made public today.

According to the S-1 filed with the SEC, Rivian recorded a net loss of $ 994 million on zero revenue for the first half of 2021. His net loss for the year 2020 was $ 1.02 billion, according to the folder. The company plans to trade under the ticker symbol RIVN.

“We are a development stage company and have not generated significant revenue to date,” writes Rivian in the file. “Vehicle production and deliveries began in September 2021.” We recently tested its first consumer vehicle, the R1T electric pickup truck, and today’s record indicates the company plans to launch its first SUV, the R1S, in December.

Rivian says he has pre-orders for just over 48,000 R1T and R1S in the US and Canada. Pre-order customers had paid fully refundable installments of $ 1,000 each, and that is the company’s only income to date.

Rivian expects his revenue to come primarily from Amazon, the filing says; “In the short term … we expect a significant portion of our revenue to come from Amazon Logistics.” Amazon and Ford own more than 5% of Rivian, and Peter Krawiec, senior vice president of Amazon, sits on Rivian’s board of directors.

Rivian entered into an agreement with Amazon in 2019, and the record shows that under 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 has exclusive rights to Rivian’s electric delivery vans (EDVs) for four years, and a right of first refusal for two years thereafter. The company said it also does not plan to ship its electric delivery vans until December.

The R1T was first shown at the 2018 Los Angeles Auto Show and suffered numerous delays.

The company has raised more than $ 10 billion in funding to date, a quarter of that of a recent funding round in July.