Amazon’s new delivery van
Rivian Automotive, which develops electric vehicles including commercial delivery vans for Amazon, filed an initial public offering on the Nasdaq on Friday. The company aims to trade on the NASDAQ with the ticker symbol “RIVN”.
According to the documents, Rivian posted a net loss of $994 million with zero revenue in the first six months of 2021. By 2020, the company’s net loss reached $1.02 billion.
“We are a development company and have not yet generated physical revenue. Vehicle production and delivery began in September 2021”, the company wrote in a filing.
CEO RJ Scaring with a PhD founded Rivian in 2009 from the Sloan Automotive Research Institute at the Massachusetts Institute of Technology. The company is based in Irvine, California and has 6,274 employees as of the end of June.
Amazon and Ford each own more than 5% of the company. Peter Kravic, Amazon’s senior vice president of corporate and business development at global enterprise and business development, has joined Rivian’s board of directors.
The Rivian beat Tesla, GM and Ford to market with the R1-T, an electric pickup that received enthusiastic early reviews.
-CNBC’s Lora Korodny contributed to this report.
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