Rivian Automotive Inc, the electric pickup truck manufacturer backed by Amazon.com, Inc. AMZN and Ford Motor Company F, reported a net loss of almost $1 billion in the first half of the year.
In its filing with the U.S. Securities Exchange Commission (SEC), the company said that for the six months ending June 30, its net loss widened to $994 million from $377 million a year earlier.
The company had about $3.7 billion in cash and cash equivalents on hand as of June 30 to fund its growth.
According to reports, Rivian could seek a nearly $80 billion valuation, raising up to $8 billion in its IPO.
The company has raised $10.5 billion from its backers. By September, it had about 48,390 pre-orders for its R1T pickup trucks and R1S SUVs in the U.S.
Rivian is considered as one of the top competitors lining up to take on electric vehicle leader Tesla Inc TSLA.
The company is building electric delivery vans for Amazon and developing an electric pickup and SUV brand aimed at affluent individuals.
According to the filing, Amazon will have exclusive rights to Rivian's delivery vehicles for four years. It also gets the right of first refusal to buy the vans for two years after that.
Amazon has ordered 100,000 last-mile trucks by 2030, with the first 10,000 due this year.
Related Link: 2 Ways Rivian Might Have Big Initial Release In US And Fight Off Competition
Photo: Courtesy of rivian.com
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