Rivian
Rivian Automotive Inc, an electric vehicle startup considered one of the highest-profile potential competitors to Tesla, is seeking an IPO at a valuation of about $50 billion, according to Bloomberg.
Rivian is looking to go public as soon as September, but the listing could be pushed to later in 2021 or even into 2022, Bloomberg reported, citing people familiar with the matter who wished not to be identified.
The electric vehicle maker has raised more money than any other private EV startup, and has also signed deals with Amazon and Ford to supply them with delivery trucks and an EV platform, respectively. Rivian’s latest funding round was a $2.65 billion investment led by T. Rowe Price Associates in January. The electric vehicle startup has now raised more than $8 billion since the start of 2019.
The $50 billion valuation would bring Rivian in line with many traditional automakers: Ford’s market cap is $47 billion, while General Motors is worth $80 billion. Rivian would still be far away from Tesla, which is now valued at over $800 billion.
Rivian has not delivered any of its electric pickup or SUVs yet, but the company says customer deliveries are expected to begin in the summer of 2021. Customers can preorder the R1T pickup or R1S SUV on the Rivian website.
Rivian is also developing an electric delivery van for Amazon, which has ordered 100,000 units to be rolled out over the next several years. The firm plans to deliver the first of those vans in 2021.