• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Amazon-backed EV maker Rivian discloses nearly $1 billion losses in IPO filing

October 2, 2021 by David Barret Leave a Comment

October 2, 2021

(Reuters) -Rivian Automotive, backed by Amazon.com Inc and Ford, disclosed losses of nearly $1 billion in the first half of the year, the electric-vehicle maker’s U.S. IPO filing showed on Friday.

The company has been investing aggressively in ramping up production of its electric vehicles, including its upscale all-electric R1T pickup truck which was launched last month beating out competition from more established rivals, such as Tesla Inc, General Motors and Ford.

Rivian had about 48,390 preorders for its R1T pickup trucks and R1S SUVs in the United States and Canada as of last month.

The company is currently pursuing a two-track strategy: building electric delivery vans for Amazon and developing an electric pickup and SUV brand aimed at affluent individuals.

Amazon has ordered 100,000 of Rivian’s electric delivery vans as part of the e-commerce giant’s broader effort to cut its carbon footprint.

Rivian said on Friday it will list its shares on the Nasdaq under the symbol “RIVN”.

Founded in 2009 as Mainstream Motors by R. J. Scaringe, the company changed its name to Rivian in 2011. “Rivian” is derived from “Indian River” in Florida, a place Scaringe frequented in a rowboat as a youth.

Scaringe on Friday said the company would put 1% of equity in its environmental program called “Forever” that is aimed at helping address climate change and preserving wildlands and waterways.

Rivian, which confidentially filed paperwork with regulators for an IPO in August, has not yet set terms for its offering. However, Reuters reported in September that it could seek a valuation of nearly $80 billion, raising up to $8 billion in its IPO.

For the six months ended June 30, Rivian’s net loss widened to $994 million from $377 million a year earlier, the company said in its filing with the U.S. Securities Exchange Commission.

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters for the Rivian IPO.

(Reporting by Niket Nishant, Uday Sampath Kumar and Subrat Patnaik in Bengaluru, additional reporting by Ben Klayman in Detroit; Editing by Shinjini Ganguli)

Source Link Amazon-backed EV maker Rivian discloses nearly $1 billion losses in IPO filing

David Barret
David Barret

Related posts:

  1. Cryptocurrencies selloff widens: Bitcoin down nearly 4%, ether 6%
  2. Italy’s Draghi, China’s Xi discuss Afghanistan, G20 summit
  3. Universal Studios Beijing to draw eager throngs amid uneasy U.S.-China ties
  4. Syrian migrants allowed in by Merkel vote to choose her successor

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • An “Unknown Biogeographic Barrier” Stops Deep-Sea Jellyfish Crossing The Atlantic
  • Some Giant Predatory Dinosaurs Had Barks (Or At Least Slashes) Worse Than Their Bite
  • World-First Gene Therapy Improves Vision For Man With Rare, Previously Untreatable Form Of Blindness
  • Exceptional 183-Million-Year-Old Fossil With Soft Tissues Intact Is New Species Of Giant Marine Reptile
  • White Raven: This Normally Black Bird Can Be Surprisingly Pale
  • Solar Systems 100 Times Smaller Than Ours Are Possible – Thanks To Rogue Planets
  • North Sea “Sinkites” Appear To Defy Rules Of Geology On Never-Before-Seen Scale
  • The Iberian Ribbed Newt Might Just Have The World’s Most Metal Defense Mechanism
  • There’s Only One Black Moon In 2025 And It’s Happening This Month
  • For First Time In Decades, Winter-Run Chinook Salmon Spotted In Upstream Californian River
  • JWST Shines New Light On 2500 Sources In Iconic Hubble Ultra Deep Field Image
  • Humans And Neanderthals Hooked Up Three Times. Here’s Where It Happened
  • What Happened To Percy Fawcett? The Explorer Who Went In Search “The Lost City Of Z”
  • COVID-19 And Flu Could “Reignite” Dormant Cancer Cells And Bring On New Tumors
  • Do Hair And Nails Really Grow Faster In Summer?
  • Wondrous And Worrying Sights: What Explorers Discovered At The Bottom Of The Great Blue Hole
  • What’s The Biggest Volcano In The World? It Depends How You’re Measuring
  • “Every Species On The Planet Self-Medicates In Some Way”: How Wild Animals Use Medicine
  • Deepest Complex Ecosystem Ever Discovered 10 Kilometers Below The Sea, 892-Kilometer “Megaflash” Lightning Sets New World Record, And Much More This Week
  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version