Amazon-backed EV maker Rivian announces loss of nearly $1 billion in IPO application

Texas News Today

FILE PHOTO: The Rivian logo, an electric vehicle startup, can be found on the bonnet of the new R1T all-electric truck in Mill Valley, California, USA, January 25, 2020. Reuters / NathanFrandino / FILE PHOTO

2 October 2021

(Reuters) – Amazon.com Inc and Ford-backed Rivian Automotive reported losses of nearly $1 billion in the first half of this year, an electric carmaker’s US IPO filing said on Friday.

The company is actively investing in expanding production of electric vehicles, including the luxury all-electric R1T pickup truck it launched last month to compete with more established rivals such as Tesla, General Motors and Ford. Growth.

As of last month, Rivian placed approximately 48,390 pre-orders for the R1T pickup truck and R1S SUV in the United States and Canada.

The company is currently pursuing two strategies: building an electric delivery van for Amazon and developing an electric pickup and SUV brand for wealthy individuals.

Amazon has ordered 100,000 Rivian power delivery vans as part of the e-commerce giant’s broader efforts to reduce carbon dioxide emissions.

Rivian announced Friday that it will list its shares on the Nasdaq under the symbol “RIVN.”

Founded in 2009 by RJ Scaring as Mainstream Motors, the company changed its name to Rivian in 2011. “Rivian” comes from Florida’s “Indian River”, which Scaringe often saw as a young man on a rowing boat.

Scarling announced Friday that it will invest 1% in an environmental program called “Forever” aimed at combating climate change and protecting forests and waterways.

Rivian, which secretly submitted a document to the regulatory agency for the IPO in August, has yet to set the conditions for its provision. But in September Reuters sought a valuation of about $80 billion and reported it could raise up to $8 billion in an IPO.

Rivian’s net loss increased from $377 million last year to $994 million in the six months ended June 30, the company said in a filing with the US Securities and Exchange Commission.

Morgan Stanley, Goldman Sachs and JP Morgan are the principal managers of the Rivian IPO.

(Reporting by Niket Nishant, Uday Sampath Kumar, Subrata Patnaik in Bengaluru, Additional reporting by Ben Kellman in Detroit, edited by Shinjini Ganguly)

Amazon-backed EV maker Rivian announces loss of nearly $1 billion in IPO application

Source Link Amazon-backed EV maker Rivian announces loss of nearly $1 billion in IPO application

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