Rivian's 2021 IPO letter from RJ Scaringe
- Written by
- Robert J. Scaringe
- Organisation
- Rivian
- Published
- 1 Oct 2021
- Sector
- Electric vehicles
Read the original at sec.gov (opens in a new tab)
About this letter
Robert J. Scaringe, Rivian's founder and chief executive, wrote this letter for the registration statement on form S-1 that Rivian filed with the SEC on 1 October 2021 for its initial public offering. It is addressed to prospective investors and Rivian owners and signed 'RJ'.
Scaringe describes a childhood spent restoring cars, with hoods under his bed and windshields in his closet, and the later realisation that the cars he loved were a source of many environmental challenges. That conflict led him to focus his life on a transport system that is sustainable and carbon neutral. He recounts starting Rivian from a clean sheet, with no money, no team, no technology and no suppliers, reflects on what the early years taught the company, and closes on its purpose: products and services that help the planet transition to carbon neutral energy and transportation.
Why read it
A founder's account of abandoning an original product plan and rebuilding the strategy, useful for judging how a start-up chooses its first products and markets.
What to notice
- 1
Scaringe is candid about a false start: the original plan for an efficient sports car would not deliver the impact he started the company for, so by early 2012 Rivian moved away from it entirely.
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“I now look back on those early years with deep appreciation for the struggle.”
Companies discussed
- Rivian Automotive (RIVN)
Topics
- ipo
- strategy
- mistakes
- culture
- long term thinking
L3VLUP does not host this document. It belongs to Rivian; the notes above are L3VLUP’s reading of it.