Amazon’s new delivery van
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.
The company wrote in its filing, “We are a development stage company and have not generated material revenue to date. Vehicle production and deliveries began in September 2021.”
CEO RJ 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 as of the end of June.
— CNBC’s Lora Kolodny contributed to this report.