Electric Vehicle Manufacturer Rivian Automotive Inc.

Rivian Rivin,

He filed a confidential IPO application in August and last week publicly presented the paperwork with security officials. The company wants to sell $ 100 million worth of shares, although it is often used to calculate payments.

Amazon.com Inc. AMZN,
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And Ford Motor Company F,
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He is one of Rivian’s supporters. The EV maker has raised $ 10.5 billion since 2019 after several rounds of investment, most recently in July with a $ 2.5 billion fundraiser, Amazon Donald Climate Fund, Ford and Tire Row, and more.

In addition to electric trucks and electric SUVs, Rivian also plans to build electric transport vanes for Amazon and plan its own charging network. Its IPO comes after a number of EV launches, and the market is on the verge of adopting a number of electric trucks and SUVs.

Here are five things you need to know about Rivian

His CEO was ‘worried’ about cars and wanted to develop a sports car first

Founder and CEO Robert “Arje” Scaringe says he has been “swallowed up by cars” since he was growing up in Florida.

However, when he realized that his love was “the greatest source of social problems for many,” he decided to meet Rivian.

It started from scratch: “Out of the box, group, technology, suppliers, brands, product infrastructure.” The first idea was to build an “efficient sports car,” he said, but that didn’t seem right.

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Tesla Inc. TSLA,
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He started building the famous expensive and exclusive electric sports car and used the money (and buzz) to develop cheap EV sedans and eventually expand the branch to other auto styles and prices.

A.D. In 2012, however, Rivian moved away from the idea of ​​a sports car and soon began focusing on electric SUVs and pickup trucks, “establishing an active lifestyle like Brazil.”

From Amazon. “The program with the shipping van” serves as our main application for the business and allows us to follow other sizes, usage issues and markets, “he said.

Scaringe maintained a low profile on Twitter, with tweets strictly limited to EV work.

As a well-known competitor, Rivian also wants to skip dealer sales

In September, Rivian launched the R1T, a two-row, five-seater truck. He plans to launch the SUV, R1S, in December. Sales of the truck and SUV are expected to begin in December and January.

The company has the ability to drop off major cars, “electric adventure vehicles”, “rock floating” and sports cars in the rearview mirror.

Like Tesla, Rivian is selling the vehicles directly to consumers, skipping distribution networks and demanding refunds when people set up the vehicle on its website.

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The pickup truck starts at $ 67,500 for a basic piece and can go 314 miles between charges.

Rivian is promising an R1T in a region over 400 miles in January. Extras for the truck include a camp kitchen and a camping tent that slides side by side with the truck.

The SUV starts at $ 70,000 and Rivian is building five- and seven-seater models, with the tent tent as one of the extras. Rivian said it has 48,390 R1T and R1S pre-orders in the US and Canada since September.

Rivian also said that He said he plans to deliver 100,000 electric “final mile” cars to Amazon by 2025.

As the business grew, losses were incurred

Perhaps surprisingly, Rivian has never made money, and he does not expect to make a profit in the “future” when he invests in his business.

Rivian It lost $ 426 million ($ 4.35 million) in 2019, up $ 1 billion ($ 10.09) last year. During the first six months of this year, Rivian lost $ 994 million ($ 9.84 million). That compares with a share of $ 3.77 in the first six months of 2020.

Not surprisingly, in the first six months of this year, R&D spending has increased to $ 683 million, spending most of it on research and development.

Total operating costs, including R&D and total costs, reached $ 990 million during that period, reaching $ 381 million a year ago.

We believe that Rivian will continue to make operating and net losses as we grow, including following our initial earnings from the sale of our vehicles.

Since June, Rivian has had a debt of just $ 3 million. In July, it issued $ 2.5 billion in unexpectedly high convertible notes, in anticipation of the IPO’s acquisition. The company has said it has no loans under the lending institution since September.

The factory is located in Illinois and is used to make vehicles for Japanese automakers

Rivian operates the vehicles at a factory in Normal, Illinois, which Rivian bought in 2017. The factory was the only American factory in the Japanese car manufacturer Mitsubishi, and the automaker When it decided to close in 2015, more than 1,000 people lost their jobs. That was the JV between Mitsubishi and Chrysler.

Rivian says the factory can produce about 150,000 vehicles a year. A.D. By 2023, it plans to expand its capacity to 200,000 vehicles and “build more domestic and international factories.”

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The Illinois plant is vertically integrated, and “too many” seals are made at home. Battery packs and car-unit assembly will also be held at home, Rivian said.

The company works with more than 300 suppliers, giving priority to those close to plants to reduce costs.

Elsewhere, he says, Rivian relies on third-party chip manufacturers and has suffered the same shortcomings as other automakers.

Rivian is headquartered in Irvine, California.

Stores? Try ‘experience places’

While some of the strategies are similar to Tesla, Rivian from Chinese EV manufacturer Neo Inc. Looks like Neo takes a page.
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When he came to the stores.

He calls the neo displays and the like “neo houses,” and they are not the only places to buy the company’s EVs. Instead, Neo said, their club style elements are designed to bring potential and current customers together, to work and play together. Neo’s first home outside of China opened last week in Norway.

Rivian wants to provide four “experience spaces” for future and current owners.

Its “centers” will be “permanent stores” in major cities, “intended to bring out the popularity of the city center,” the company said. “Trendy Places” will be temporary stores in “Targeted Places.”

The “kitchens” are located near tourist sites and are intended to provide space for showcasing gear and vehicle rentals, as well as cars.

The company is far from “maintaining” the land it plans to “nurture” and save.

To complete those plans, the company plans to set up its own charging stations and provide charging stations in hotels and elsewhere. It also plans to offer shipping fees to its business customers who come with software and other equipment for software management.

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