TNI || New Delhi || 2nd Oct 2021
In a shocking state of affairs, Rivian Automotive, which is backed by Amazon and automobile giant, Ford, has reported losses of more than $1 billion in the first half of 2021.
The figures were revealed in the EV maker’s U.S. IPO filing. Rivian has been investing heavily in ramping up production of the electric vehicles which also includes its upmarket all-electric R1T pickup truck which was launched this year in September.
The launch of this EV has surely put to test the more established rivals like Tesla, General Motors, and Ford. As of last month, Rivian had a pre-order of almost 48,390 R1T pickup trucks, as well as R1S SUVs in both Canada and the U.S.
The company is currently working on a two-track strategy. It is building Amazon’s electric delivery vans and also developing an electric pickup, as well as SUV, which is aimed at the premium segment.
The e-commerce giant has already ordered 100,000 electric delivery trucks from Rivian, which is a part of its effort to cut its carbon footprint.
As far as the IPO is concerned, the company has confirmed that its shares on Nasdaq shall be under the symbol RIVN.
Rivian had confidentially filed its paperwork with the regulators for an IPO in August. That said, there haven’t been any set terms of the offering as yet. As per Reuters, the company may seek a valuation of almost $80 billion, with the IPO raising up to $8 billion.
As per the filing with the U.S. Securities Exchange Commission, Rivian’s net loss has widened to $994 million this year than $337 million a year earlier during the same period.