Rivian, an electric vehicle startup, began deliveries of its R1T pickup trucks in September. It has now filed to be listed publicly in the United States.
The terms of the offering are not included in the S-1 document that was filed with U.S Securities and Exchange Commission on Friday.
In August, the company filed for an IPO confidentially, two months after closing a $2.5B private financing round. This round was led by Ford Motor, Amazons Climate Pledge Fund and D1 Capital Partners. Funds and accounts advised by T. Rowe Price Associates Inc. included Third Point, Fidelity Management and Research Company and Dragoneer Investment Group.
Rivians' financial data, as well as other insights into Rivians, are all included in the S-1 document. It also provides insight into the company's risks and potential opportunities.
Rivian posted a net loss in 2019 of $426 millions. Rivian reported a net loss of $426 million in 2019. This was after the company expanded its Normal, Illinois factory to produce its R1T pickup truck, and R1S SUV, and increased its workforce. More than 8,000 employees are now employed at the company's various facilities in California and Michigan, Illinois, Illinois, and the UK.
Since then, the numbers have risen dramatically. Rivian's net loss in 2021's first half was $994 million, more than twice the $377 million loss it suffered in 2020.
Rivian also revealed its long-term business strategies. It plans to sell its EVs first in the United States and Canada, and then expand into Western Europe. Asia sales will follow. Rivian stated in its S-1, that it will create local facilities to help growth into these new markets.
Rivian also revealed that it had 48,390 pre-orders for its R1T pickup trucks in the United States and R1S SUVs Canada as of September. Pre-orders require a $1,000 deposit. They don't always translate into sales. They can however provide an indication of the demand for the product.
In its S-1, the company stated that it also established a philanthropic organization called Forever. The company will initially fund the entity using shares of Rivians Class A Common Stock equal to 1% of its outstanding equity immediately prior to the completion of this offering.
You can find a detailed explanation of the S-1 here:
