Electric-vehicle Startup Rivian Files To Go Public: Reports

(RTTNews) - Rivian Automotive Inc., the electric vehicle business backed by Amazon (AMZN) and Ford (F), is reportedly planning to go public.

According to Bloomberg, Rivian has filed confidential paperwork with the Securities and Exchange Commission for an IPO and is seeking a valuation of about $80 billion, which would make it worth over Ford and GM, each. The report says that the company had selected Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO.

Rivian said that the size and price range of the proposed offering have yet to be determined.

Irvine, California-based Rivian was founded in 2009. It has raised nearly $10.5 billion since 2019. Rivian is building an electric sport utility vehicle (SUV) and pickup truck on a skateboard platform that can support future vehicles or be adapted by other companies. An electric van is also being built, and all three vehicles were slated to be delivered to customers in 2021, and if not for a disruption in the supply pipeline, it would've been unveiled by now.

In February 2019, Amazon announced it would be leading an investment round of $700 million into Rivian. The round included participation from existing shareholders as well. In April 2019, Ford invested $500 million.

In September 2019, Amazon also ordered 100,000 electric delivery vans from Rivian, as part of its plan to convert its delivery fleet to 100% renewable energy by 2030.

Early this month, Rivian announced that it is going to invest $5 billion in a Texas project to make its second manufacturing plant. According to reports, the plant will be set up in Fort Worth. The factory will be churning out 200,000 vehicles per year and the plant promises to create as many as 7,500 jobs by the end of 2027 with an average annual salary of $56,000.