Amazon-backed EV maker Rivian discloses nearly $1 bn losses in IPO filing
Rivian Automotive, backed by Amazon.com Inc and Ford, disclosed losses of nearly $1 billion in the first half of the year, the electric-vehicle maker’s U.S. IPO filing showed on Friday.
The company has been investing aggressively in ramping up production of its electric vehicles, including its upscale all-electric R1T pickup truck which was launched last month beating out competition from more established rivals, such as Tesla Inc, General Motors and Ford.
Rivian had about 48,390 preorders for its R1T pickup trucks and R1S SUVs in the United States and Canada as of last month.
The company is currently pursuing a two-track strategy: building electric delivery vans for Amazon and developing an electric pickup and SUV brand aimed at affluent individuals.
