Plymouth’s Amazon-backed EV maker Rivian discloses $1bn in losses on IPO filing

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Plymouth’s Amazon-backed EV maker Rivian discloses $1bn in losses on IPO filing

Rivian Automotive, the Plymouth, Michigan-headquartered e-vehicle start-up backed by the world’s No 1 online retailer Inc alongside the second-largest conventional US carmaker Ford Motor Co among others, had been dealt with a tempestuous blow of roughly a $1 billion over first half of 2021, the e-vehicle start-up which had confidentially filed for an IPO (Initial Public Offerings) with the US SEC (Securities and Exchange Commission) last month, had unveiled on Friday.

In point of fact, latest blow in Rivian Automotive over h1, 2021, came forth as the EV maker appeared to have heightened up expenses aggressively in a bid to manufacture its e-vehicles including a high-performance all-electric R1T pickup truck launched last month, nonetheless, Rivian’s R1T pickup trucks had reportedly been failing to lure in new orders amid a steep competition from well-established rivals like of e-vehicle industry trailblazer Tesla Inc, General Motors alongside Ford among others.

According to Rivian’s IPO filing for a US public market floatation, the Plymouth-headquartered e-vehicle start-up had shelved a lump-sum of 48,390 pre-orders as of September 30 for its R1T pickup trucks alongside R1S SUVs in the United States alongside Canada.

Rivian reports hefty losses over first half of 2021

Nevertheless, glimmering on the flipside of the coin, Rivian’s longer-term outlook seemed utterly brighter than what its IPO filing had revealed, as the automaker had been engaging in a bi-forked strategy which involved manufacturing about 100,000 electric vehicle delivery vans for Inc, alongside R&D of an EV pick-up alongside SUV brands mostly targeted at wealthy individuals.

Rivian, in tandem, had said in a statement on Friday that its shares would list on Nasdaq under a ticker symbol “RIVN”.