Budding electric car company Rivian will start delivering its electric vans to non-Amazon companies in 2023. The company made the announcement recently with a vague delivery date of “early 2023.”
Other companies apart from Core Investor Amazon will receive their electric vans, pickups and SUV fleets long after Amazon own delivery for its Prime subscription service. Rivian also announced a new fleet management platform “FleetOS”, a charging infrastructure solution and others.
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.
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.
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.
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.
“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.
Rivian is currently developing software, charging solutions and services to help increase uptime and lower operating costs. Its new fleet management system will help businesses achieve ambitious sustainability goals the company said.
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