: Amazon-backed EV firm Rivian applies for an IPO

Rivian Automotive Inc., which works on electric delivery trucks for Inc. in addition to consumer electric trucks, filed for an IPO on Friday.

Rivian launched the R1T, an electric consumer pickup truck, in September. The company said in its filing with the Securities and Exchange Commission that it intends to launch and ship the R1S, a sport-utility vehicle, in December, and plans to ship electric delivery vehicles or computers to Amazon
In December.

"Rivian was started from scratch – there was no money, no team, no technology, no suppliers, no brand, and no manufacturing infrastructure," said founder and CEO Robert Scaringe in a letter to investors included in Friday's filing was. "The lack of constraints was intoxicating to the imagination."

Investors in the Irvine, California-based company, which was founded in 2015 and raised $ 10.5 billion, include Amazon and Ford Motor Co.

According to his filing, Rivian's fate will be closely tied to Amazon. The company will only provide last-mile delivery vehicles to Amazon for four years, and Amazon will have the right of first refusal for its IT from years four to six.

Rivian, which confidentially filed for its IPO in August, said it had less than $ 1.07 billion in revenue for the last fiscal year and that the loss in 2020 rose from $ 426 million in the previous year to $ 1.02 billion Dollar has gone up. In addition to the vehicles it manufactures and develops, the company offers FleetOS, a fleet management subscription platform.

The company cited a target increase for the initial public offering of $ 100 million, but that's usually a placeholder amount that will be updated in future filings. Rivian has applied for listing on the Nasdaq under the ticker "RIVN" and Morgan Stanley, Goldman Sachs and JPMorgan have been named as lead underwriters for 22 banks involved in the offering.

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