Electric car manufacturer Rivian Automotive has started the paperwork with regulators for an initial public offering (IPO). With this, Amazon-backed EV startup is set to join the list of publicly traded companies. The list is growing at a fast pace with Ford, Tesla, and General Motors already on the list. The company said that it has confidentially filed papers with the Securities and Exchange Commission (SEC). The California-based company said is still working on calculating its size and price range. The IPO will take place after the regulator completes its standard review process. Rivian, which has companies like Soros Fund Management, Amazon, and BlackRock as major investors, has not commented on the development so far.
Reports suggest that the company would seek evaluation of over USD 70 billion. If this happens, the EV startup would have a bigger market capitalization than General Motors. This would be significant as General Motors is the largest automaker in the United States. But it would be nothing when compared to Tesla, the leading electric vehicle manufacturer. Tesla has a market cap of around USD 700 billion. The company is reportedly planning on building a pickup truck that would compete with Rivian’s R1T truck. Rivian is also working on SUV R1S.
Rivian shot to fame when Amazon announced that it would purchase around 100,000 electric vehicles from the startup. The e-commerce giant said that it would use these vehicles like delivery trucks. Earlier in July, Rivian raised USD 2.5 billion in a fundraising round. The funding was led by Amazon and For Motor. Rivian CEO RJ Scaringe said that the company is stepping towards the production of vehicles and hence it is important to push Rivian to the next phase of growth. “The funds will help Rivian to scale new vehicle program. It is also necessary for the global expansion of the company,” the CEO said. The company has raised more than USD 10 billion since 2019. Rivian is likely to start delivery of its much-awaited trucks in September. The SUV is expected to be delivered in the fall.