Rivian's IPO Filing Reveals Massive $1 Billion Loss

Electric Vehicles / Comments

That's only for the first half of 2021.

The Rivian R1T all-electric pickup truck is now rolling off the assembly line in Normal, Illinois. We also recently spent some time behind the wheel and were thoroughly impressed. Without question, the truck is a game-changer and we can't wait to check out its SUV counterpart in the coming months, the R1S. But not everything is perfect with the Ford and Amazon-backed EV automaker.

According to the paperwork filed for its upcoming IPO on the NASDAQ, Rivian suffered a $994 million net loss on zero revenue in the first six months of 2021. Last year, its net loss totaled $1.02 billion. "We are a development stage company and have not generated material revenue to date. Vehicle production and deliveries began in September 2021," the company wrote.

2022 Rivian R1T Truck Driving Front Angle Rivian
2022 Rivian R1T Truck Aft View Rivian
2022 Rivian R1T Truck Side Perspective Driving Rivian

To date, Rivian has around 48,390 preorders for its two models in the US and Canada. Private vehicles, however, are not its only objectives. Amazon has placed an order for 100,000 delivery vans that are expected to begin production in the near future. The e-commerce giant wants to significantly reduce its overall carbon footprint and this fleet of vans will certainly make an impact.

But Rivian itself is more than just an automaker. Like its Tesla rival, Rivian is building its own charging infrastructure called the Rivian Adventure Network. Aimed mainly at outdoor enthusiasts, the network will consist of fast-charging sites in seven states and up to 145 Rivian Waypoints charging sites in 30 states.

2022 Rivian R1T Truck Center Stack Rivian
2022 Rivian R1T Truck Central Control Panel Rivian
2022 Rivian R1T Truck Charging Point Rivian
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These stations will be in more remote places, such as biking trails, camping sites, and rock climbing crags, instead of in or around cities. Rivian's filing also says there are currently six service centers located in California, Illinois, Washington, and New York. There are also 11 mobile service vehicles that travel to an owner's home for necessary repairs. Another 20 locations are planned for more service centers.

The automaker's CEO and founder, R.J. Scaringe, also announced plans to put 1 percent of equity in an environmental program called "Forever" to help combat climate change and preserve waterways and wildlands.

2022 Rivian R1T Truck Underfloor Storage Rivian
2022 Rivian R1T Truck Charge Port Rivian
2022 Rivian R1T Truck Speaker Rivian

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2022 Rivian R1T Truck Front-End View
2022 Rivian R1T Truck Underfloor Storage
2022 Rivian R1T Truck Charge Port
2022 Rivian R1T Truck Speaker
2022 Rivian R1T Truck Center Stack
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