Rivian, an electric vehicle manufacturer, was backed by Amazon and Ford. In August, the company filed a confidential IPO with the Securities and Exchange Commission. It was made public today.
According to the S-1 filed with SEC, Rivian suffered a net loss in the first half 2021 on revenues of zero. According to the filing, its net loss for 2020 was $1.02 Billion. The ticker symbol RIVN will be used by the company.
Rivian states in the filing that we are still in development and have not yet generated any material revenue. Vehicle production and deliveries started in September 2021. Rivian writes in the filing that the company intends to launch its first SUV, R1S in December.
Rivian claims it has pre-orders of just over 48,000 R1T or R1S units in the US and Canada. Preorder customers paid $1,000 each in fully refundable deposits. That's the company's only revenue.
Rivian anticipates that its revenue will come mainly from Amazon initially, according to the filing.
Rivian signed an agreement with Amazon in 2019. The filing shows that Rivian agreed that Rivian would collaborate with Amazons Logistics segment in order to design, develop and manufacture electric delivery vans to be used in Amazons last mile delivery operations. Rivian also has the right to first refusal for the next two years. According to the company, it does not expect to ship its electric delivery vehicles until December.
The R1T was initially displayed at the 2018 Los Angeles Auto Show. It has been subject to multiple delays.
The company has raised more than $10 billion in funding so far, with one quarter of it coming from a July round.