Electric vehicle maker Rivian files to go public, to trade under ticker RIVN

Electric vehicle manufacturer Rivian, with the support of Amazon and Ford has filed for an initial public offering on Friday at the Nasdaq exchange. The firm had since August, filed its IPO confidentially with the Securities and Exchange Commission (SEC), but it became public knowledge on Friday.

Electric vehicle manufacturer will trade on the Nasdaq under the ticker RIVN

If the S-1 filed with the SEC is anything to go by, Rivian had a net loss of $994 million and zero revenue in the first half of 2021. The filings also show that the firm’s net loss for the entire year of 2020 was $1.02 billion. Meanwhile, reports also say that Rivian is expected to be trading on the Nasdaq under the ticker symbol RIVN..

As seen in the filing, Rivian insists the company is still in its development phase as it is yet to generate any tangible revenue to date. The company also mentioned that the production of its electric vehicle and even their deliveries has already started since September 2021. And while the company’s first consumer vehicle, the R1T electric pickup truck has already been tested, Rivian expects to officially launch its first SUV, the R1S by December.

So far, pre-orders for the R1T and R1S electric vehicle in Canada and the U.S. is just a little above 48,000. The customers who pre-ordered, paid refundable deposits of $1,000 each, which amounts to all the revenue generated by Rivian thus far.

But according to the filing, the electric vehicle maker expects to make most of its revenue from Amazon. The filing read in part; “In the near term… we expect that a significant portion of our revenue will be from Amazon Logistics.” Also, more than 5% of Rivian is owned by Amazon and Ford, and Amazon’s senior vice president, Peter Krawiec is on the board of directors at Rivian.