EV Start-Up Rivian Nears IPO

By Cee Lippens September 09, 2021 362
RJ Scaringe founded Rivian Automotive in 2009  to build vehicles that are rugged, luxurious and battery powered. RJ Scaringe founded Rivian Automotive in 2009 to build vehicles that are rugged, luxurious and battery powered.

After a number of delays in production, EV start-up Rivian is finally close to releasing its first EV, the R1T, the first fully electric truck to make it to market. With production right around the corner the EV automaker is also eyeing its highly anticipated IPO.

Rivian released a statement last week that the company has submitted its S-1 registration to the Securities and Exchange Commission in advance of an initial public offering.

Rivian is seeking an approximately $80 billion valuation, up from a speculated $50 billion earlier in the year, according to Bloomberg, who has spoken with sources familiar with the situation. Bloomberg's sources also said that Rivian is aiming to have its initial public offering around Thanksgiving.


The automaker’s retrofitted manufacturing facility in Normal, IL

 

The company, based in Irvine, Calif. and Plymouth, Mich., would be more valuable on paper than GM or Ford if the $80 billion proves accurate. Ford has been a major investor in Rivian, having invested $10.5 billion, alongside giants like Amazon. The company is slated to produce around 100,000 EV vans for Amazon over the next 10 years. The deal between Rivian and Amazon is contributing to the potential high IPO.  

The start-up will not be alone for long in the EV truck category, with stiff competition from seasoned automakers coming fast on its heels. The Rivian R1T will go up against Ford's fully electric F-150 Lightning and GMC's Hummer EV, both are expected to go on sale within the next several months.

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Last modified on Thursday, 16 September 2021 16:30