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Electric Vehicle Company Rivian Finally Files To Go Public With RIVN

Electric Vehicle company Rivian has filed to go public with the RIVIN ticker. This IPO Initial Public Offering will happen over at the Nasdaq exchange where most technology companies carry out their valuation.

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The company made the news public on October 1st 2021, as earlier reports said it has filed with the Securities Exchange Commission in August to go public. The Amazon and Ford backed company currently has more than 48,000 R1T and R1S pre-orders from Canada and the United States.

Interestingly, the company says it has made a $994 million net loss for the first half of 2021 and $1.02 billion for the whole of 2020. It currently has no revenue for the first half of 2021. “We are a development stage company and have not generated material revenue to date,” Rivian writes in the filing. “Vehicle production and deliveries began in September 2021.”

While it tries to stay afloat, monies from its Sponsors Ford and Amazon would help pull in revenue.  “In the near term… we expect that a significant portion of our revenue will be from Amazon Logistics.”

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According to reports in August 2021, the company was preparing for an $80 billion traditional initial public offering (IPO). The electric van company didn’t use the SPAC merger widely used by technology companies in the past 5 years.

The company announced it has filed a registration statement for an IPO. News agency Bloomberg believes the firm is shooting as high as $80 billion for its valuation.

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Automobile Electric start-up Rivian now has $2.5 billion to its war chest, the start-up total funding raised so far is over $10 billion. Rivian has been backed by E-commerce giant Amazon and Automaker Ford, since its inception.

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“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement.

A new $80 billion valuation would pump the company’s cash flow to build its new factory. It will also maintain the quality of its deliverables and future demands of its vans. Although there is no confirmation of an $80 billion valuation yet, we expect those numbers to decrease based on their financial report.

 

 

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