Electric car maker Rivian, with Amazon and Ford among others, lost nearly $1 billion during the first six months of the year, Bloomberg reports.
Rivian is on its way to the Nasdaq in New York. In August, Bloomberg reported, citing sources, that the company expected a valuation of $80 billion, equivalent to 700 billion Swedish kronor. That’s nearly three times what the company was evaluated for in January of this year.
During the first six months of the year, the company incurred a total loss of $994 million, equivalent to SEK 8.7 billion. Revenue was meager, but the company’s first salable version of the R1T truck left the factory in late September of this year. At the turn of the year, Rivian also had cash of just over SEK 32 billion.
Listing documents also indicate that Amazon
AMZN 0%
Today’s evolution
For four years, you will have exclusive rights to delivery vehicles that will be built by Rivian. Amazon had previously ordered 100,000 such vehicles with delivery by 2030.
Rivian has two car models, the R1T and the R1S. In total, nearly 50,000 people paid a refundable, non-binding deposit of $1,000. The company has approximately 8,000 employees globally and a large factory in the US state of Illinois formerly owned by Mitsubishi. Rivian is also expected to announce a new plant in the UK or continental Europe before the end of the year.
“Extreme tv maven. Beer fanatic. Friendly bacon fan. Communicator. Wannabe travel expert.”
More Stories
The British economy shrinks for the first time in seven years – and the pound weakens foreign
Starmer promises nationalization of trains and new housing
UK economy hit hard by Brexit – country's credit rating downgraded | Foreign