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    Amazon and Ford-backed electric car maker Rivian submits S1 IPO

    Amazon’s new delivery van


    Rivian Automotive, which develops electric vehicles including commercial delivery vans for Amazon, filed for an initial public offering on Friday. The company aims to trade on the NASDAQ with the ticker symbol “RIVN”.

    this is Paperwork Shows a net loss of $ 994 million with zero revenue in the first half of 2021. By 2020, the company’s net loss reached $ 1.02 billion.

    “We are a development company and have not generated material revenue so far. Vehicle production and delivery began in September 2021”, the company wrote in a filing.Rivian beat Tesla, GM When Ford Introduced to the market with the electric pickup R1T Shining quick review.. The company plans to launch a 7-seater SUV called the R1S in December, the filing said.

    RJ Scaringe, CEO with a PhD, founded Rivian in 2009 from the Sloan Automotive Research Institute at the Massachusetts Institute of Technology. The company is based in Irvine, California and has 6,274 employees as of the end of June. We operate a vehicle assembly plant in Normal, Illinois.

    Amazon When Ford Each owns more than 5% of the company. Peter Krawick, Senior Vice President of Corporate and Business Development at Amazon’s Global Enterprise and Business Development, joins Rivian’s Board of Directors.

    Rivian’s commercial vehicle business will rely heavily on Amazon for the foreseeable future. According to the company, Amazon has the exclusive right to purchase an electric delivery vehicle from Rivian for at least four years, followed by the first veto. However, both companies may withdraw from the transaction under certain conditions. In particular, if Amazon does not order at least 10,000 vehicles for the second consecutive year, Rivian may withdraw and force Amazon to reimburse certain costs.

    Like Tesla, Rivian remains a non-union carmaker for now. The company’s filings acknowledge that this status can change and affect labor costs.

    Rivian also follows Tesla’s vertically integrated footprint. This means selling electric vehicles directly to customers, providing unique vehicle services and repairs, and investing in a network of charging stations available to Rivian owners, rather than through franchise dealers.

    According to the company’s filings on Friday, Rivian currently operates six service centers in California, Illinois, Washington and New York, with 11 mobile service vehicles that can be driven to the customer’s home for repairs. Operates. Rivian has established 20 locations for additional service centers.

    Targeting fans of outdoor sports and recreation, Rivian is investing in charging stations for remote off-road destinations. According to the filings, the company secured 24 Rivian Adventure Network DC fast charging sites in seven states and 145 Rivian waypoint charging sites in 30 states.

    Amazon and Ford-backed electric car maker Rivian submits S1 IPO

    Source link Amazon and Ford-backed electric car maker Rivian submits S1 IPO

    The post Amazon and Ford-backed electric car maker Rivian submits S1 IPO appeared first on Eminetra.

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