With $10.5 billion raised from backers including Amazon and Ford Motor Co., an established factory in Illinois and thousands of reservation holders for its R1T truck and R1S sport utility vehicle, Rivian is among the most serious competitors lining up to take on Tesla.
As of Oct. 31, Rivian had nonbinding preorders for about 55,400 of its R1T and R1S vehicles in the U.S. and Canada. Sales of its debut truck, the R1T, began in September. The company cautioned that though sales of the R1S and EDV models are planned for December, those plans could be delayed.
Rivian had a net loss of $994 million in the first six months of 2021, compared with a $377-million deficit a year earlier, according to its filings. Rivian expected to record a quarterly net loss of up to $1.28 billion because of costs associated with the start of production of the R1T.
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