EV Maker Rivian Files to Trade on Nasdaq Under RIVN

Urian B., Tech Times 01 October 2021, 11:10 pm

The EV maker Rivian is now filing to trade on Nasdaq under the name RIVN. The company is not just another small electric vehicle company and is backed by two powerful companies.

Rivian is Filing to Trade On Nasdaq

According to The Verge, the electric vehicle maker known as Rivian is currently backed by both Ford and Amazon. The company reportedly filed for an initial public offering on the Nasdaq exchange. It actually filed its own IPO confidentially with the SEC in August 2021 and was just recently made public.

The S-1 that was filed at the Securities and Exchange Commission showed that Rivian had incurred a net loss of $994 million on revenue of zero for the very first half of 2021. Its massive net loss for the year 2020 was a whopping $1.02 billion, according to the filing.

Rivian to Trade Under RIVN

The company is currently expecting to trade under the ticker symbol of RIVN. It notes in a filing that they are still a development stage company and have not yet been able to generate material revenue to date. Lucid Air EVs are now set to roll out in October 2021, coming from the company's AMP-1 assembly line.

It was noted that vehicle production, as well as deliveries, started in September 2021. The Verge notes that they had tried the initial consumer vehicle known as the R1T electric pickup truck and today's filing notes that the company is also set to launch its very first SUV known as the R1S in December 2021.

Rivian R1T and R1S

Rivian notes that it has pre-orders for just over 48,000 of the said R1T as well as the R1S in the United States and Canada. The pre-order customers have already paid fully refundable deposits of a thousand dollars each, and this is the company's only revenue so far.

Rivian is now expecting its revenue initially to come mostly from Amazon, according to the filing. The filing notes that in the near term, they expect that a significant portion of the revenue will come from Amazon Logistics.

Amazon and Ford Owns 5% of Rivian

Amazon and Ford reportedly own over 5% of Rivian, and Peter Krawiec, a certain senior vice president at Amazon, is reportedly on Rivian's board of directors. Rivian now entered into an agreement along with Amazon back in 2019, and this was shown by the filing under the terms of the agreement.

Rivian then agreed to collaborate with Amazon's Logistics segment in order to design, develop, manufacture, and be able to supply electric delivery fans. This is for use in Amazon's last-mile delivery operations. Rolls-Royce is also set to release electric airplanes with the goal of hitting 300 Mph.

Amazon reportedly has some exclusive rights to Rivian's electric delivery vans EDvs for a total of four years and the right of first refusal for two whole years after that. The company notes that it does not expect to ship its very own electric delivery vans all the way until December 2021 as well.

This article is onwed by Tech Times

Written by Urian B.