As per the latest reports, Rivian Automotive has made an announcement in regards to making a debut in the public market. Rivian Automotive is a major electric vehicles startup company from the United States of America. Rivian Automotive is famously known for manufacturing Amazon’s commercial delivery vans.
The electric car manufacturing company has announced that it has filed the request to go public. For this purpose, an initial public offering request has been filed by Rivian Automotive on Friday, October 1, 2021. In the filing, Rivian Automotive has expressed that it intends to trade through the NASDAQ Stock Exchange. In the filing, Rivian Automotive has also revealed that it will be using a trading ticker “RIVN”.
The filing submitted by Rivian Automotive showed that the company has recorded zero revenue and a net loss of $994 million. The company has revealed that it has recorded these stats in the first and second quarters of 2021. In the filing, the company has also confirmed that it recorded $1.02 billion worth of net loss in the year 2020.
Rivian Automotive has added in the report that they are still in their development stage. Therefore, no material revenue has been generated by the company so far. When it comes to commencing the production and delivery of electric vehicles, Rivian Automotive started doing it in the month of September 2021.
Rivian Automotive has been expected to challenge and beat all of its electric vehicle competitors in the United States due to its R1T electric pickup. According to reports, R1T electric pickup has gathered a lot of positive and supporting reviews from the customers. So far, the reviews it has collected for its R1T pickup are better than the same classification vehicles at Ford, GM, and Tesla.
Just recently, Rivian Automotive has made another major announcement for electric vehicle enthusiasts. The company has revealed that in the month of December 2021, it will proceed with launching its R1S SUV. Rivian Automotive has confirmed that the R1S SUV would be a seven-passenger SUV that has the EV enthusiasts craving for it.
Rivian Automotive had been founded back in 2009, and its facility has been based in Irvin, California. In the filing, Rivian Automotive has revealed that by the end of June 2021, it had a total of 6,274 employees working at its facilities. The company is currently carrying out the assembly of its electric vehicles in the Normal, Illinois-based assembly plant.
In the filing, Rivian Automotive has confirmed that Ford and Amazon currently have more than a 5% stake in the company. The analysts are expecting that once the company goes public, it will witness a high investment rate.