[ad_1]
Electric vehicle startup Rivian, which began deliveries of its R1T pickup truck in September, has released its brief to become a publicly traded company in the United States.
Document S-1, which was filed with the U.S. Securities and Exchange Commission on Friday, does not include the terms of its offer.
The company confidentially filed for its IPO in late August, just two months after the close of a $ 2.5 billion private funding round led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor and the funds and accounts advised by T. Rowe Price Associates Inc. Third Point, Fidelity Management and Research Company, Dragoneer Investment Group and Coatue also participated in this round.
Document S-1 provides a first overview of Rivian’s financial data and other information about the company as well as the risks and opportunities it faces.
Rivian reported a net loss of $ 426 million in 2019. Those losses more than doubled to $ 1 billion as the company built its factory in Normal, Ill., Prepared to start producing its R1T pickup truck. and its SUV R1S and increased its numbers. The company now employs more than 8,000 people at multiple facilities in California, Michigan, Illinois and the UK.
The numbers have since increased. Rivian recorded a net loss of $ 994 million in the first half of 2021 alone, well over double its net loss of $ 377 million recorded by the company in the same period of 2020.
Rivian also unveiled its long-term business strategies, plans to sell its electric vehicles first in the United States and Canada, and then expand into Western Europe soon. Sales in Asia will follow. Rivian said in his S-1 that he will build local facilities to support growth in these new markets.
Rivian also revealed that he had 48,390 pre-orders for his R1T pickup trucks and R1S SUVs in the United States and Canada in September. Pre-orders, which require a refundable $ 1,000 deposit, don’t always turn into sales. However, they can provide an indication of the demand for the product.
The company said in its S-1 that it has also established a philanthropic mission called Forever. Initially, the company will finance the entity with shares of Rivian Class A ordinary shares equal to 1% of the outstanding equity of the company immediately preceding the completion of this offer.
For a more detailed breakdown of the S-1, see:
[ad_2]
Source link