Rivian wil grootste beursgang van 2021
November 10, 2021 - Electric truck-maker Rivian Automotive’s initial public offering could raise $11.9 billion on the Nasdaq, reflecting the blockbuster expectations for the company, which is yet to generate any revenue.
The Amazon-backed company’s stock started trading on the Nasdaq exchange on Wednesday (November 10), with investors seeing an opportunity to buy into a company some feel has the potential to emulate the success of Tesla, which in October surpassed a market capitalisation of $1 trillion.
In the driving seat of California-based Rivian is CEO and founder R. J. Scaringe, 36, who had set his sights on building his brand of cars since high school.
After securing a master’s and a doctorate in mechanical engineering at MIT, Scaringe founded the first iteration of what would become Rivian in 2009, with less than 20 designers and engineers.
Rivian launched its R1T pick-up truck and R1S sport utility vehicle in September and has just over 50,000 pre-orders for the EVs, as well as an order from Amazon for 100,000 trucks to be delivered by 2025. Amazon has participated in several multibillion-dollar funding rounds for Rivian and owns 22 per cent of the company.
Rivian had a net loss of $1.08 billion in 2020 and $994 million in the first six months of 2021, compared with a $377 million deficit a year earlier, according to its filings. Rivian expects to record a net loss in the third quarter of $1.28 billion due to costs associated with the start of production of the R1T.
The company will only produce about 1,200 vehicles by year-end at its plant in Normal, Illinois, and estimates that annual production will hit 150,000 units at its main facility by late 2023.