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Rivian Reveals A Huge Loss In Its IPO File

Amazon-backed electric vehicle maker Rivian reveals $1 billion loss

The subscription file of Rivian Automotive, backed by the giant Amazon.com and Ford, showed that its loss amounted to 1 billion dollars during the first half of this year, as the company invested heavily to raise the volume of its production of electric vehicles, including its advanced all-electric R1T truck, which it launched last month to beat its most powerful competitors in the market, such as Tesla, General Motors and Ford.

As of last month, Rivian had 48,390 pre-orders for its R1T pickup truck and R1S SUV in both the U.S. and Canada, and the company is currently pursuing a two-way strategy, first making electric delivery trucks for Amazon, and the second is to develop the brand’s existing trucks and SUVs to attract wealthy customers. Amazon has ordered 100,000 delivery trucks from Rivian as part of the retail giant’s efforts to reduce its carbon footprint on the environment.

Rivian has not yet determined the details of its subscription and offer of shares, knowing that it secretly submitted its papers last August to the regulators to conduct an initial public offering, to read more [Rivian Company Files For IPO To Offer Its Shares For Trading], but the sources reported that it is seeking a valuation of $80 billion after raising about $8 billion in its IPO, and its stock will be listed on the Nasdaq Index under the symbol “RIVN.” Morgan Stanley, Goldman Sachs and JPMorgan will be the main guarantors of the subscription.

During the six months to June 30, Rivian’s net loss expanded from $377 million a year ago to $994 billion.

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