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Rivian reportedly seeks valuation of up to $80B in IPO

Amazon-backed electrical car company Rivian is in search of a valuation of all-around $70-80 billion in its preliminary general public presenting, a source acquainted with the make a difference instructed Reuters on Friday.

Rivian confidentially submitted ideas to federal regulators for an IPO, the business said in a statement.

The company, which aims to contend with Tesla, is searching to commence generation of an electric powered pick-up and an SUV this yr.

Rivian’s submitting comes as automakers are racing to create EVs, with China, Europe and other countries and areas mandating decrease carbon emissions.

In the United States, conventional carmakers this sort of as Common Motors and Ford are retrofitting crops for EV manufacturing, although Tesla, Taiwanese deal company Foxconn and a number of startups are increasing present crops or are developing them.

Earlier this month, Reuters noted that Rivian was in discussions to make investments at minimum $5 billion in a new auto plant near Fort Value, Texas.

Rivian, which aims to compete with Tesla, is looking to start out creation of an electrical select-up and an SUV this year.
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A slew of EV startups, such as Nikola, Fisker and Lordstown Motors, have selected to merge with specific goal acquisition firms, or SPACs, to go public.

Rivian did not give any other aspects of the IPO.

The corporation has raised $10.5 billion considering the fact that the commence of 2019, which include $2.5 billion in July in a round led by Amazon and Ford.

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