Rivian Automotive Inc., which is working on electric delivery vans for Amazon.com Inc., filed for an initial public offer on Friday, in addition to electric trucks for consumers.
Rivian launched the R1T, an electric pickup truck for consumers in September. The company said in its filing with the Securities and Exchange Commission that it intends to launch and distribute the R1S, a sport-utility vehicle, in December, and plans to supply electric delivery vehicles, or EDVs, to Amazon AMZN.
“Rivian started with a clean sheet – there was no money, no team, no technology, no supplier, no brand and no manufacturing infrastructure,” founder and CEO Robert Scarring said in Friday’s filing. Said in a letter to investors. “The lack of limitations was drunk for imagination.”
Among Irwin’s investors, the California-based company, which launched in 2015 and raised .5 10.5 billion, includes Amazon and Ford Motor Company F,
According to its filing, the fate of Rivian will be closely tied with Amazon. The company will exclusively provide last mile delivery vehicles to Amazon for four years, and for four to six years Amazon will have the right to refuse to buy its EDVs first.
Rivian, which secretly filed for its IPO in August, said its revenue was less than 1. 1.07 billion in the last fiscal year and that the 2020 loss stood at 0 1.02 billion, up from 6 426 million the previous year. In addition to the vehicles it is building and developing, the company offers FlitOS, a fleet-management subscription platform.
The company has been named to raise a target for a 100 million IPO, but this is usually the amount of placeholders that will be updated in future filings. Rivian applied for enrollment under the Nasdaq ticket “RIVN” and Morgan Stanley, Goldman Sachs and JP Morgan were listed as chief underwriters among the 22 banks involved in the offer.