Rivian reveals its 48,390 pre-orders from IPO filling- and is spending lots of money

Rivian received about 48,390 pre-orders for its first electric pickup and SUV, according to the electric auto manufacturer filings, to become a publicly-traded company on Friday. It would be listed on the Nasdaq under the symbol “RIVN.”

Rivian’s 206-page prospectus, which was filed with the Securities and Exchange Commission, is chock-full of previously unknown information about the company and its plans.

Most notably, Rivian revealed for the first time how many customers have pre-ordered the R1T pickup and R1S SUV: 48,390. They each paid a $1,000 non-refundable deposit.

Rivian also stated how busy its Normal manufacturing plant might become in the coming years. According to the filing, the plant currently has an estimated annual production capacity of 150,000 vehicles. Rivian also hinted at the possibility of a second manufacturing plant in the United States, in addition to Normal.

“We believe we will be capable of increasing the Normal Factory’s annual production capacity to 200,000 vehicles by 2023 as we introduce additional R1 platform variants and expand the facility,” Rivian said. “We expect to establish additional domestic production capacity over the next few years to support our product development roadmap and meet future anticipated demand.”

Rivian employs over 2,800 workers in Normal, quickly becoming McLean County’s third-largest employer. In mid-September, the plant began production of the R1T pickup. The R1S is scheduled to enter production in December.

Rivian is also reportedly planning to fulfill its large Amazon order sooner than expected. Amazon, a significant investor in Rivian, has ordered 100,000 electric delivery vans from the company. When the order was first revealed to the public in 2019, the companies stated that all 100,000 vehicles would be ready for use by 2030. According to the SEC filing on Friday, Rivian intends to deliver 100,000 E-vehicles to Amazon by 2025.

‘’We do not anticipate making a profit soon as we invest in our business, build capacity, and ramp up operations. We cannot guarantee you (potential stockholders) that we will ever achieve or maintain profitability in the future,” Rivian said. “There’s no guarantee we’ll be financially successful even if we create our automobiles successfully and attract new customers.” Those comments appeared in a lengthy section of the filing titled “Risk Factors,” which openly outlined the challenges Rivian will face in launching its vehicles and becoming profitable.

Some of the risk factors are:

  • Amazon is responsible for a “significant portion” of Rivian’s initial revenue.
  •  Rivian is “extremely reliant on the services and reputation” of its founder and CEO, RJ Scaringe.
  • Rivian’s business “may be harmed by labor and union activities.”

Rivian’s initial public offering is set to take place later this year. It is said to be seeking a valuation of $70-80 billion.

Notably,  Rivian’s vehicles is a key part of the White House strategy to combat global warming. You can read the full article on 

 

Hanson F.https://thevolter.com
Hanson is a lover of electric cars especially Rivian. He is a contributor for The Volter as well as other news hubs

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