By Matt McFarland, CNN Business
Rivian, an electric vehicle startup supported by Amazon and Ford, said Friday it was filed in confidence Paperwork with the Securities and Exchange Commission for an IPO.
Bloomberg, who first released the news, said Rivian is targeting a valuation of about $ 80 billion and plans to go public around Thanksgiving. CNN Business has not independently verified the report. Rivian said in a statement that the size and price range of the proposed offering remains to be determined. A valuation of $ 80 billion would make Rivian worth more than Ford and GM, respectively.
The company was founded in 2009 and has raised $ 10.5 billion since 2019 due to increased interest in electric vehicles. Rivian is perhaps the leading contender of a group of electric vehicle startups that could challenge Tesla and the mainstream automakers. Rivian has received an order from Amazon for 100,000 vans, some of which are already shipping to the United States.
Rivian has positioned itself as an outdoor brand and called its products “electric adventure vehicles”. The company has announced that its pickup truck, the R1T, and its seven-passenger SUV, the R1S, will be able to drive through a meter of water. It is also a partnership with the foundation of climber Alex Honnold, who was the first person to climb El Capitan in Yosemite National Park alone without a rope.
Rivian has announced that its SUV and pickup truck will start at around $ 70,000 and have a range of more than 300 miles, which will likely have some overlap with electric vehicles from more established manufacturers like the Tesla Model X and the upcoming GMC Hummer EV . Rivian announced that it would deliver the first vehicles this summer, but has yet to do so. His consumer vehicles appeared on-site as the Amazon founder Jeff Bezos went into space last month. Rivian told CNN Business it had loaned the vehicles to Blue Origin, Bezos’ space company.
Rivian produces its first vehicles at its plant in Bloomington-Normal, Illinois. Area leaders have credited Rivian for helping revitalize the area after Mitsuibishi’s departure from the plan in 2015.
The CNN Wire
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