Amazon’s new delivery truck
Rivian Automotive, a company that develops electric vehicles, including commercial delivery vans, for Amazon, filed for an IPO on Friday. The company aims to trade on the Nasdaq under the ticker symbol “RIVN”.
The filings show a net loss of $ 994 million on zero revenues for the first six months of 2021. In 2020, the company’s net loss was $ 1.02 billion.
The company wrote in its submission: “We are a company in the development phase and have not yet generated any significant revenue. Vehicle production and deliveries began in September 2021.” Rivian launched Tesla, GM, and Ford with an electric pickup truck, the R1T, that has already received rave reviews. The company plans to launch a seven-passenger SUV called the R1S in December, the filing said.
CEO RJ Scaringe, who holds a Ph.D. from Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded in 2009 Rivian. The company is based in Irvine, Calif., And employed 6,274 people 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, Amazon’s Senior Vice President, Global Corporate and Business Development, 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 some exclusive rights to purchase Rivian electric delivery vehicles for at least four years, and then the right of first refusal thereafter.
Like Tesla, Rivian will remain a non-union automaker for the time being. The company’s filing acknowledged that this status could change and have an impact on labor costs.
WATCH: Rivian CEO: We’re ready for the electric pickup race