Rivian Automotive lost nearly $1 billion in the first half of the year, as was disclosed by the company’s IPO filing as shown on Friday. The electric vehicle maker, which is backed by both Amazon.com Inc and Ford, has engaged in an aggressive production strategy, ramping up manufacturing with a particular focus on its all-electric R1T pickup truck.
The R1T pickup truck, which was released last month, was shown to beat out a range of direct competitors manufactured by the likes of Ford, General Motors, and Tesla. Rivian received 48,390 preorders for its and R1T pickup trucks and R1S SUVs in the last month in the US and Canada alone.
In addition to marketing its electric pickup trucks and SUVs to consumers across North America, Rivian is also pursuing a B2B approach, supplying online retail giant Amazon with electric delivery vans. In an effort to reduce its carbon footprint, Amazon has already ordered 100,000 delivery vans from the Plymouth, Michigan-based EV maker.
Having filed paperwork for an IPO in August, Rivian has not yet disclosed the terms of its offering. According to Reuters, the EV maker could seek to raise $8 billion from its IPO, a move that would boost its company valuation to $80 billion.
