Rivian Automotive, Inc.
(Note: Rivian Automotive, Inc., an electric vehicle manufacturer, filed its long-awaited S-1 prospectus to go public on Oct. 1, 2021 – following its confidential IPO filing with the SEC on Aug. 25, 2021. The estimated proceeds of $100 million in the S-1 is a placeholder estimate. CNBC and Reuters have estimated that Rivian’s IPO could raise about $8 billion. The Wall Street Journal reports that the IPO could give Rivian a market valuation of about $52 billion – exceeding that of Ford Motor Co., according to a video report by The WSJ’s George Downs. Rivian’s electric pickup truck, the R1T, retails for about $70,000. Rivian has raised over $10 billion in funding from Amazon, Ford Motor Co. and several Wall Street firms, The New York Times reported. Amazon has ordered 100,000 of its electric delivery vans – see details below from the prospectus.)
We design, develop, and manufacture category-defining electric vehicles (“EVs”) and accessories. We sell them directly to customers in the consumer and commercial markets. Our vehicles are complemented by a full suite of proprietary, value-added services that address the entire vehicle lifecycle and deepen our customer relationships.
In the consumer market, we launched the R1 platform with our first generation consumer vehicle, the R1T, a two-row five-passenger pickup truck, and began making customer deliveries in September 2021. We plan to launch and commence customer deliveries for the R1S, a three-row seven-passenger sports utility vehicle (“SUV”) in December 2021 following the completion of ongoing vehicle validation and all required testing. Engineered for all of life’s adventures, our Electric Adventure Vehicles combine performance, utility, and efficiency. They are equally capable of rock crawling or carving turns on a mountain road and can leave most sports cars in the rearview mirror. The R1T and R1S are equipped with a proprietary set of advanced technology systems, including vehicle electronics, battery, electric drive, chassis, Driver+, our advanced driver assistance system (“ADAS”), and digital user experience management. These technologies can continuously improve and expand functionality through cloud-enabled over-the-air (“OTA”) updates.
In the commercial market, we will launch the Rivian Commercial Vehicle (“RCV”) platform with our first vehicle, the Electric Delivery Van (“EDV”), designed and engineered by Rivian in collaboration with Amazon.com, Inc. (“Amazon”), our first commercial customer. Amazon has ordered, subject to modification as described in the section titled “Certain Relationships and Related Party Transactions,” an initial volume of 100,000 vehicles globally, representing the largest order of EVs ever.
Note: The company’s only revenue so far comes from 48,000 pre-orders for its electric consumer vehicles, with each customer making a $1,000 refundable deposit – bringing the revenue total to $48 million. That figure is not included in the financial chart here because the revenue is coming from refundable deposits.
|Industry:||Motor Vehicles & Passenger Car Bodies|
|Address||14600 Myford Road Irvine, California 92606|
|Phone Number||(888) 748-4261|
|View Prospectus:||Rivian Automotive, Inc.|
|Revenues||$0 mil (last 12 months)|
|Net Income||$-1635.0 mil (last 12 months)|
|Price range||$0.00 - $0.00|
|Est. $ Volume||$100.0 mil|
|Manager / Joint Managers||Morgan Stanley/Goldman Sachs/J.P. Morgan/Barclays/Deutsche Bank Securities/Allen & Co./BofA Securities/Mizuho Securities/Wells Fargo Securities/Nomura/Piper Sandler/RBC Capital Markets/Baird/Wedbush Securities|
|CO-Managers||Academy Securities/Blaylock Van/Cabrera Capital Markets/C.L. King & Associates/Loop Capital Markets/Ramirez & Co., Inc./Siebert Williams Shank/Tigress Financial Partners|
|Expected To Trade:|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|