Rivian Automotive Inc, the electric vehicle (EV) start-up backed by Amazon.com Inc and Ford Motor Co, is looking to go public as soon as September at a valuation of about US$50 billion and perhaps more, people familiar with the matter said.
The company’s timeline for an initial public offering (IPO) is not final and a listing could happen later this year or even slip to next year, said the people, who asked not to be identified discussing private information.
Rivian has been speaking to bankers about its plans, one of the people said.
Photo: Reuters
Rivian, one of the highest-
profile potential competitors to Tesla Inc, has raised more than US$8 billion to date from investors who expect its battery-electric pickup truck and sports utility vehicle (SUV) to perform well in the US market.
At a US$50 billion valuation, it would likely be one of the biggest IPOs of the year and one of the most noteworthy EV listings since Tesla’s 2010 offering.
The start-up was valued at US$27.6 billion in a funding round last month, Bloomberg News reported.
Rivian raised US$2.65 billion in the round from a group of investors led by T. Rowe Price Group Inc.
Also last month, Claire McDonough, a former JPMorgan Chase & Co executive, became Rivian’s chief financial officer.
A representative for Rivian declined to comment.
Rivian has more than 3,600 employees split across offices in Michigan and California, and its production facility in Illinois.
Rivian has a deal with Amazon to build 100,000 custom electric delivery vans by 2030.
In the near-term, the companies say that 10,000 of the vans would be on the road making deliveries by next year.
Rivian would build three different models of the van, which is capable of going about 240km on a single charge.
Production and US deliveries of its debut consumer EV, the R1T pickup, are due to start in June.
The company would start delivering its R1S SUV in August.
Rivian has retrofitted a former Mitsubishi Motors Co plant in Normal, Illinois, where it also plans to build the EV delivery van for Amazon.
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