Electric vehicle maker Rivian, backed by Ford and Amazon, filed for an preliminary public offering on Friday on the Nasdaq substitute. The company filed its IPO confidentially with the Securities and Alternate Commission in August, and it became once made public this day.
Consistent with the S-1 filed with the SEC, Rivian had a to find loss of $994 million on earnings of zero for the famous half of 2021. Its to find loss for plump twelve months 2020 became once $1.02 billion, the filing reveals. The corporate expects to substitute below the ticker image RIVN.
“We are a pattern stage company and bear no longer generated self-discipline topic earnings to this point,” Rivian writes in the filing. “Automobile manufacturing and deliveries began in September 2021.” We only in the near previous tried its first particular person vehicle, the R1T electric pickup truck, and this day’s filing says the company plans to beginning out its first SUV, the R1S, in December.
Rivian says it has pre-orders for impartial over 48,000 of the R1T and R1S in the US and Canada. The preorder possibilities had paid entirely refundable deposits of $1,000 every, and that’s the company’s easiest earnings to this point.
Rivian expects its earnings originally to advance serve mostly from Amazon, the filing reveals; “Within the near term… we inquire of of that a prime half of our earnings will seemingly be from Amazon Logistics.” Both Amazon and Ford bear larger than 5 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 the filing reveals that below the terms of that agreement, Rivian agreed to collaborate with Amazon’s Logistics section “to sort, fabricate, sort, and offer [electric delivery vans]… for exhaust in Amazon’s remaining-mile offer operations.” Amazon has some uncommon rights to Rivian’s electric offer trucks (EDVs) for four years, and honest of first refusal for two years after that. The corporate says it doesn’t inquire of of to ship its electric offer trucks till December as effectively.
The R1T became once first displayed at the 2018 Los Angeles Auto Order, and has suffered a pair of delays.
The corporate has raised over $10 billion in funding to this point, one quarter of that from a fresh round of funding in July.
