Amazon’s new delivery truck
Rivian Automotive, a company that develops electric vehicles including commercial vans for Amazon, filed for an IPO on the Nasdaq on Friday. The company aims to trade on the Nasdaq under the ticker symbol “RIVN”.
It is Paperwork shows Rivian posted a net loss of $ 994 million on zero revenues for the first six months of 2021. In 2020, the company’s net loss was $ 1.02 billion.
The company wrote in its submission: “We are a company in the development phase and have not yet generated any significant revenue. Vehicle production and deliveries began in September 2021.”
CEO RJ Scaringe, who holds a Ph.D. from Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded in 2009 Rivian. The company is based in Irvine, Calif., And employed 6,274 people at the end of June. It operates a vehicle assembly plant in Normal, Illinois.
Rivian’s commercial vehicle business will be heavily dependent on Amazon for the foreseeable future. The company said Amazon has some exclusive rights to purchase Rivian electric delivery vehicles for at least four years, and then the right of first refusal thereafter.
– CNBC’s Lora Kolodny contributed to this report.