Rivian's IPO Filing Reveals Massive $1 Billion Loss

TheRivian R1Tall-electric pickup truck is nowrolling off the assembly linein Normal, Illinois. We also recently spent some time behind the wheel and were thoroughly impressed. Without question, the truck is a game-changer and we can't wait to check out its SUV counterpart in the coming months, theR1S. But not everything is perfect with the Ford and Amazon-backed EV automaker.

According to the paperwork filed for itsupcoming IPOon the NASDAQ, Rivian suffered a $994 million net loss on zero revenue in the first six months of 2021. Last year, its net loss totaled $1.02 billion. "We are a development stage company and have not generated material revenue to date. Vehicle production and deliveries began in September 2021," the company wrote.

To date, Rivian has around 48,390 preorders for its two models in the US and Canada. Private vehicles, however, are not its only objectives. Amazon has placed an order for 100,000 delivery vans that are expected to begin production in the near future. The e-commerce giant wants to significantly reduce its overall carbon footprint and this fleet of vans will certainly make an impact.

But Rivian itself is more than just an automaker. Like its Tesla rival, Rivian is building its own charging infrastructure called theRivian Adventure Network. Aimed mainly at outdoor enthusiasts, the network will consist of fast-charging sites in seven states and up to 145 Rivian Waypoints charging sites in 30 states.