Rivian IPO filing reveals 48K preorders and its factory's production capacity
Startup can build 150,000 vehicles annually
Rivian beats Tesla, Ford, GM to build first EV pickup
FoxNews.com automotive editor Gary Gastelu discusses the startup Rivian.
Electric truck startup Rivian filed paperwork for an IPO on Friday that finally revealed how many reservations it has for its R1T pickup and R1S SUV.
According to the Amazon-backed company's S-1, it had received approximately 48,390 preorders as of Sept. 30, each requiring a refundable $1,000 deposit.
Rivian's Normal, Illinois, factory built its first production truck in September. (Rivian)
Production of the $67,500 R1T began in September and at the automaker's Normal, Illinois, factory where the $70,000 R1S will enter production later this year.
Rivan also builds an electric delivery van for Amazon, referred to as the EDV, at the plant and has an contract to delivery 100,000 of them to the retail giant by 2025.
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The filing disclosed that the factory is currently configured with the capacity to manufacture up to 150,000 vehicles annually, but that Rivian plans to expand that to 200,000 by 2023 and expects to add additional domestic output as it adds models in future years.
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Rivian, which is largely pre-revenue, disclosed that it lost $1.02 billion in 2020 and $994 million through the first half of this year.
Reuters in August reported that the company, which will trade under the RIVN ticker, will go public at a valuation of approximately $70 billion to $80 billion.