U.S. EV maker Rivian has officially filed for an initial public offering (IPO) on the Nasdaq. Its shares will trade under the symbol “RIVN.”
Customer deliveries of Rivian’s first generation consumer vehicle, the R1T, a two-row five-passenger pickup truck, began in September 2021.
It plans 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.
The R1T and R1S are equipped with a proprietary set of advanced technology systems, including vehicle electronics, battery, electric drive and Driver+, its advanced driver assistance system (ADAS).
In the filing, RJ Scaringe, Rivian’s Founder and Chief Executive Officer, writes: ‘Our ability to continue working collaboratively to harvest diverse perspectives and drive creative and innovative thinking into everything we do will ultimately drive our continued growth’.
He adds: ‘Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Our society today will have a profound impact on the planet and the world our kids, and their kids, will inherit. We can spend a lot time debating the specifics of climate change, but the indisputable truth is that we, as humans, are rapidly changing the composition of our atmosphere. This is what inspired me to start Rivian, and it’s what drives every decision we make as an organization. The challenge is as big as it comes but we’re fortunate to get to help solve it with such passionate team members and partners’.
In July, 2021. Rivian closed a $2.5 billion private funding round. The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc.