Rivian Automotive Inc., the electric-vehicle startup backed by Amazon.com and Ford is trying to go public as quickly as September at a valuation of about $50 billion and maybe extra, in response to folks conversant in the matter.
The corporate’s timeline for an preliminary public providing and its potential worth may change, and an inventory may occur later within the yr and even slip to 2022, mentioned the folks, who requested to not be recognized discussing personal info. Rivian has been talking to bankers about its plans, one of many folks mentioned.
Rivian, one of many highest-profile potential rivals to Tesla Inc., has raised greater than $8 billion so far from traders who anticipate its battery-electric pickup and SUV to carry out nicely within the U.S. market. At a $50 billion valuation, it might possible be one of many largest IPOs of the yr and one of the crucial noteworthy EV listings since Tesla’s 2010 providing.
The startup was valued at $27.6 billion in a funding spherical in January, Bloomberg Information reported. Rivian raised $2.65 billion within the spherical from a gaggle of traders led by T. Rowe Worth Group Inc. Additionally in January, Claire McDonough, a former JPMorgan Chase & Co. government, grew to become Rivian’s chief monetary officer.
A consultant for Rivian declined to remark.
A number of electrical automobile makers and associated corporations have gone public prior to now yr by IPOs or by offers with so-called blank-check corporations. Chinese language EV startup Li Auto Inc. raised $1.26 billion in a U.S. IPO in July. One other Chinese language electric-car firm, XPeng Inc., raised $1.5 billion in August in a U.S. itemizing.
Gasoline cell-truck startup Hyzon Motors Inc. agreed this month to a merger with Decarbonization Plus Acquisition Corp., in a deal that values the 2 mixed at greater than $2 billion. Final yr, Nikola Corp. additionally went public in a cope with a blank-check firm, often known as a particular function acquisition firm, or SPAC.
Rivian has greater than 3,600 workers cut up throughout places of work in Michigan and California and its manufacturing facility in Illinois.
Rivian additionally has a cope with Amazon to construct 100,000 customized electrical supply vans by 2030. Within the near-term, the businesses say 10,000 of the vans can be on the highway making deliveries by 2022. Rivian will construct three totally different fashions of the van, which is able to going about 150 miles on a single cost.
Manufacturing and U.S. deliveries of its debut shopper EV, the R1T pickup, are resulting from begin in June. The corporate will then begin delivering its R1S SUV in August. The corporate has retrofitted a former Mitsubishi Motors plant in Regular, Illinois, the place it additionally plans to construct the EV supply van for Amazon.
Associated video:
