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.
Amazon has ordered 100,000 of Rivian's electric delivery vans as
part of the e-commerce giant's broader effort to cut its carbon
footprint.
Rivian said on Friday it will list its shares on the Nasdaq
under the symbol "RIVN".
Founded in 2009 as Mainstream Motors by R. J. Scaringe, the
company changed its name to Rivian in 2011. "Rivian" is derived
from "Indian River" in Florida, a place Scaringe frequented in a
rowboat as a youth.
Scaringe on Friday said the company would put 1% of equity in
its environmental program called "Forever" that is aimed at
helping address climate change and preserving wildlands and
waterways.
Rivian, which confidentially filed paperwork with regulators for
an IPO in August, has not yet set terms for its offering.
However, Reuters reported in September that it could seek a
valuation of nearly $80 billion, raising up to $8 billion in its
IPO.
For the six months ended June 30, Rivian's net loss widened to
$994 million from $377 million a year earlier, the company said
in its filing with the U.S. Securities Exchange Commission.
Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead
underwriters for the Rivian IPO.
(Reporting by Niket Nishant, Uday Sampath Kumar and Subrat
Patnaik in Bengaluru, additional reporting by Ben Klayman in
Detroit; Editing by Shinjini Ganguli)
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