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Amazon’s new delivery van
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Rivian Automotive, a company developing electric vehicles including commercial delivery vans for Amazon, filed an initial public offering on Nasdaq on Friday. The company aims to trade on the Nasdaq under the ticker symbol “RIVN”.
Its documents show that Rivian suffered a net loss of $ 994 million on zero revenue in the first six months of 2021. In 2020, the company’s net loss amounted to $ 1.02 billion. dollars.
The company wrote in its file: “We are a development stage company and have not generated material income to date. Vehicle production and deliveries began in September 2021.”
CEO RJ Scaringe, who has a doctorate. of the Sloan Automotive Laboratory of the Massachusetts Institute of Technology, founded Rivian in 2009. The company is headquartered in Irvine, Calif., with 6,274 employees at the end of June. It operates a vehicle assembly plant in Normal, Illinois.
Amazon and Ford each own more than 5% of the company. Peter Krawiec, senior vice president of global corporate and business development at Amazon, sits on Rivian’s board of directors.
Rivian’s commercial vehicle business will be heavily dependent on Amazon for the foreseeable future. The company said Amazon has exclusive rights to purchase electric delivery vehicles from Rivian for at least four years, and the right of first refusal after that.
Rivian beat Tesla, GM and Ford in the market with an electric pickup, the R1-T, which received rave early reviews.
Like Tesla, Rivian remains an unorganized automaker for the time being. The company’s record recognized that this status could change and have an impact on labor costs.
– CNBC’s Lora Kolodny contributed to this report.
WATCH: Rivian CEO: We’re ready to join the electronic pickup race
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