Electric ute and SUV manufacturer Rivian has revealed the huge cost of getting the R1T and R1S ready for production.
Now public, the brand’s S-1 prospectus (filed with the US Securities and Exchange Commission (SEC) ahead of its IPO on the Nasdaq) reveals losses of US$426m in 2019, US$1.0b in 2020, and US$994m in the first half of 2021.
“We do not expect to be profitable for the foreseeable future as we invest in our business, build capacity and ramp up operations,” Rivian said in its S-1.
It’s worth noting, Tesla took almost 20 years to turn a profit so it’s not unusual for startups to burn money and return big losses as they ramp up.
Currently, Rivian has 48,390 preorders for its R1T electric ute, each of which comes with a $1000 deposit, and says its factory in Normal, Illinois, can currently build up to 150,000 vehicles per year.
It plans to expand that capacity to 200,000 per year by 2023.
Not all of that capacity will be dedicated to the R1T and R1S; Rivian has a deal with Amazon to build 100,000 delivery vans, the first 10,000 of which will be delivered in 2022.
A report from Reuters says the IPO could be based on a valuation of up to US$80 billion, and could seek to raise up to US$8 billion.
The first production Rivian R1T electric ute rolled off the line in Illinois during September 2021.
Rivian has beaten its all-electric rivals to production, including the Tesla Cybertruck, GMC Hummer EV and Ford F-150 Lightning EV.
Manufactured in a factory once owned by Mitsubishi, the two-model Rivian range will be powered by a choice of three different battery packs, with capacities of 105kWh, 135kWh and 180kWh.
Early technical specifications revealed the all-electric R1T with the 105kWh battery is claimed to reach 60mph in 4.9 seconds. Total power and torque are 300kW and 560Nm, respectively.
The quickest Rivian will be the R1T equipped with the 135kWh battery. It will hit 60mph in 3.0 seconds, and produces 562kW and 1120Nm.
Both models can wade through water up to 1m deep, while the R1T has a payload of 800kg and a 5000kg trailer weight rating.