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Reuters: EV maker Rivian makes IPO filing public
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Original text too short.
From CNBC:
“Rivian Automotive, a company developing electric vehicles, including commercial delivery vans for Amazon, on Friday filed for an initial public offering on the Nasdaq. The company aims to trade on the Nasdaq under the ticker symbol “RIVN.”
The paperwork shows that Rivian having a $994 million net loss on zero revenue in the first six months of 2021. In 2020 the company’s net loss came to $1.02 billion.
Robert Scaringe, who has a Ph.D. from the Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded Rivian in 2009. The company is based in Irvine, Calif., with 6,274 employees at the end of June.
Amazon and Ford each own over 5% of the company. Peter Krawiec, Amazon’s senior vice president of worldwide corporate and business development, sits on Rivian’s board.”
Rivian had about 48,390 preorders for its R1T pickup trucks and R1S SUVs in the United States and Canada as of last month.
IMO you’ve got to be a sucker to buy shares in this company. They are very reliant on the fact that Rivian will have a truck for a year or so before the CT. Rivian is just the marshmallow test for adults, impatient people will buy one so they’ve done well to come out first but after theres competition I don’t see how it’s a sustainable business