Amazon-backed Rivian planning to go public by September 2021

Rivian Automotive Inc., an electric-vehicle startup, which is funded by Ford Motor Co. and Amazon.com Inc., is reportedly planning to go public later this year, with a current valuation of over USD 50 billion. Sources with knowledge of the matter stated that the firm has been talking to investors about its IPO plans and could be publicly listed by next year.

The EV-maker plans to put an SUV and electric pickup in production this year through a USD 2.65 billion investment round led by T. Rowe Price. The company stated that it has accumulated USD 8 billion since the start of 2019.

Rivian intends to start delivering the SUVs in August 2021, while the company’s pickup trucks are touted for June release. Launch versions of the vehicles will likely be at USD 77,500 and USD 75,000 respectively, with both possessing a driving range of 300-mile.

It is worth mentioning that Rivian had received an order of 100,000 electric vans from Amazon in 2019. The company will put the first Amazon vehicles into production at its factory in Normal, Illinois by the end of 2021, with all deliveries to be completed by 2024.

R.J. Scaringe, CEO, and Founder, Rivian Automotive, reportedly stated that the startup aims to follow up on these products with smaller models targeted at Europe and China.

In the past year, many electric vehicle producers and associated businesses have gone public through IPOs or through agreements with blank-check firms.

As per credible sources, Li Auto Inc., a Chinese EV startup, had raised USD 1.26 billion in its IPO in the U.S. Similarly, in a U.S. listing in August 2020, another Chinese electric-car firm, XPeng Inc., raised USD 1.5 billion.

Last year, American electric vehicle manufacturer Nikola Corp. had also gone public through a SPAC merger.

Source Credits –

https://www.gadgetsnow.com/tech-news/tesla-rival-rivian-aims-for-ipo-this-year-report/articleshow/80780914.cms