Rivian recently had a media test drive event somewhere in America, and pretty much every media outlet had positive things to say about the R1T. Indeed, the R1T is pretty impressive for a startup. And, having worked in a couple of startups myself, what I’ve learned is, startups are hard, a bumpy ride, in fact. I mean, ask Faraday Future. As for Rivian, despite being backed by Ford and Amazon among few other established names, and having raised $10.5 billion so far, it’s not all puppies and roses.
Last Friday, the company filed for Initial Public Offering with the US Securities and Exchange Commission, and in the paperwork, the financials reveal a net loss of $994 million in the first half of 2021. Just to compare, during the same period last year, Rivian registered a net loss of $337 million. And as of June 30, 2021, the company had nearly $3.7 billion in cash and other cash equivalents.
“To date, we have generated minimal revenue from the initial sales of our R1T vehicles and have not generated any revenue from the sales of our other vehicles. Our future success depends on us commencing commercial sales and attracting a large number of customers for our vehicles. In the near-term, however, we expect that a significant portion of our revenue will be from Amazon Logistics, Inc.,” Rivian said in its IPO filing. For those who are wondering, Rivian is also building customized delivery vehicles for Amazon.
The paperwork includes a letter from CEO Robert J. Scaringe, where he invites prospective investors and Rivian owners to “join us in our journey to help drive the future of transportation”.
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