Rivian is an American electric vehicle automaker and automotive technology company founded in 2009 by CEO Robert “RJ” Scaringe. After being renamed from Mainstream Motors to Avera Automotive and ultimately Rivian Automotive, the company began focusing on autonomous electric vehicles in 2011. Rivian is developing an electric sport utility vehicle (SUV) and pickup truck built on a flexible platform that can support future vehicles or adopt by others. These vehicles design for both on-road and off-road driving. All three automobiles are scheduled to be delivered to customers in 2021, along with an electric van. The company plans to build an exclusive charging network in the United States and Canada.
Rivian does base in Plymouth and Michigan with its manufacturing plant in Normal, Illinois, and other facilities in Irvine, California; Palo Alto, California; Carson, California; Vancouver, British Columbia and Woking, England.
In 2015, Rivian received substantial investment and grew substantially, opening new research facilities in Michigan and the Bay Area. Relocating headquarters to Livonia, Michigan, to be closer to Key suppliers, Rivian began working exclusively on Electric autonomous vehicles, Specifically building an “entire ecosystem” of related products. It began building its prototypes on the “ride-sharing and driverless” side of the car market.
Rivian, publicly supported by Amazon and Ford files. A company called Rivian Automotive has filed an IPO on Nasdaq with backing from Amazon and Ford. Their own experience a designed to be seamless and intuitive, with benefits focused on the values we share. A company that develops electric vehicles, including delivery vans for Amazon, filed for an initial public offering. It wants to do business on the Nasdaq under the ticker symbol “RIVN”. According to its filing, the company is still in the early stages of development and has not yet generated material revenue. Vehicle production and delivery began in September 2021.The Rivian R1T beat Tesla, GM, and Ford to the market with an electric pickup. This pickup has received glowing reviews.
Rivian files for an initial public offering with an order for 150,000 electric trucks
The electric truck, built by Rivian, took back the screens of its activities as soon as it went into one of the most anticipated public offerings of the year. In documents filed as part of the IPO process, Rivian revealed considerable losses and provided new details on its business. The company hopes to capture a large share of the electric car market among many, expecting it to grow promptly in the next two decades.
There’s a way now to explore our beautiful planet responsibly, the company says on its website. It also has a contract to make delivery vans for Amazon, which has made a vast investment in the company. Rivian is considered to be a better run and has better prospects than some of the electric vehicle companies that have already started trading on the public market. The fortunes of Nikola and Lordstown Motors have plummeted. Supporters of Rivian hope its truck and SUV will appeal to consumers even in the face of competition from Tesla.
Rivian Automotive filed for an IPO and revealed it has almost 150,000 initial orders for its battery-powered pickups, SUVs, and delivery trucks. Amazon and Ford own at least 5% stakes in Rivian Automotive. A potential Tesla challenger, based in Irvine, California, filed an S-1 statement with the Securities and Exchange Commission late last month in response to its August announcement of a confidential IPO filing. The company disclosed preorders for 48,390 R1T pickups and R1S SUVs from customers in the U.S and Canada, each requiring a $1,000 deposit. Additionally, it has orders for 100,000 delivery vans from investor Amazon to be delivered through 2025.
Rivian, an electric vehicle maker, has filed to become publicly
Rivian has applied to go public on the Ford and Amazon-backed Nasdaq exchanges. The company filed its IPO confidentially with the Securities and Exchange Commission in August, and it was made public. According to the S-1 filed with the SEC, Rivian had a net loss of $994 million on zero revenue for the first half of 2021. Its net loss for the full year 2020 was $1.02 billion, the filing shows. The company expects to trade under the ticker symbol RIVN.
It says in the filing that Rivian is still in the development stage and has not generated material revenue yet. Vehicle production and deliveries will begin in September 2021. We recently tested its first consumer vehicle, an electric pickup truck called the R1T, and the company intends to launch its first SUV, the R1S, in December.
Rivian expects its revenue initially to come usually from Amazon, and the filing shows; “In the near term we expect that a significant portion of our revenue will be from Amazon Logistics.” Both Amazon and Ford own more than 5 percent of Rivian, and Peter Krawiec, a senior vice president at Amazon, is on Rivian’s board of directors.
Under terms of their agreement with Amazon, Rivian acknowledges collaborating with Amazon’s Logistics unit “to design, develop, manufacture, and supply [electric delivery vans] for use in Amazon’s last-mile delivery operations.” Amazon has an exclusive right to Rivian’s electric delivery vans (EDVs) for four years and a right of first refusal for two more years. Additionally, the company does not expect to ship its electric delivery vans until December.
Can Rivian be traded publicly?
Rivian Automotive is, so far, not publicly traded. The company plans to go public soon, as Rivian filed the S-1 for its IPO a few days ago. The company seeks to sell 10% of its shares for around $8 billion, which would value the company at $80 billion. For a company that has just recently started mass-producing its first model, that seems quite expensive, but then again, Rivian back by companies such as Amazon and Ford and has a compelling product and the first-mover advantage in the electric truck market.
A report from The Verge said Rivian has more than doubled its workforce to 750 in the past year. About 50 hires are coming from a struggling California-based rival, Faraday Future, as well as Ford, Tesla, and McLaren Automotive Ltd. The company has long employed Apple employees. (AAPL) vice president Mike Bell, who played a pivotal role in launching the iPhone, has been appointed chief technology officer (CTO) of Rivian. Former Jeep design chief Jeff Hammoud held the same position, the Times reports. In 2018, Scaringe told The Verge that the right people are the core of the company’s success. “As an organization, I spent a huge amount of my time thinking about the way we operate, the way we make decisions,” he added.
Rivian IPO
Rivian has plans to reach out to the public around Thanksgiving. Irvine-based Rivian reportedly is seeking a valuation of around $80 billion, topping GM’s market cap of almost $72 billion and Ford’s market cap of about $53 billion. However, it would still be far below Tesla’s $705 billion valuations. The company had raised about $10.5 billion in venture capital funding as of mid-2021, including from Amazon and Ford.
The Rivian IPO will be sure to get a vast amount of attention. But investors shouldn’t try to be the first to buy RIVN stock off the lot. Investors should wait for the initial value discovery with new problems and see how they shake up several days or weeks. Look to see if Rivian stock can form an IPO base.
By doing a traditional IPO, Rivian has chosen a different route onto the stock market than Lucid, Nikola, and Lordstown, which all became public companies by merging with an exceptional purpose acquisition company, or SPAC, that was already on the stock market. Many SPACs were arranged early last year, but according to critics, the deals provide less protection to small investors than a traditional IPO.
The following table summarizes key facts about Rivian:
• Riverian Automotive, a maker of electric vehicles backed by Ford and Amazon, filed for its IPO on the Nasdaq.
• According to its paperwork, Rivian had a $994 million loss on zero revenue in its first six months of 2021.
• A new electric pickup, the Rivian R1-T, was released by Rivian in September 2021 and received rave reviews. Rivian has lost Tesla, GM, and Ford to the market.
Rivian will not have the right to buy the stock if it comes out in public. But keep an eye on this attractive EV startup to see if it creates a bullish base.
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