No data to display.

Amazon backed electric vehicle maker Rivian files for IPO

By Ishika Dangayach on Aug 27, 2021 | 03:37 AM IST

Rivian.png

Amazon-backed Rivian, an electric car manufacturer, said that it has submitted a confidentially draft registration form to authorities for an initial public offering (IPO).

Rivian, whose key investors include Amazon.com Inc, Soros Fund Management, and BlackRock Inc, will seek a valuation of approximately $70-80 billion in its IPO, sources told Reuters.

The startup is one of the most well-funded in the United States. It has raised $10.5 billion since the beginning of 2019, including $2.5 billion in a round funded by Amazon and Ford Motor Company in July.

Reuters reported earlier this month that Rivian was in talks to invest at least $5 billion in a new car facility near Fort Worth, Texas.

Rivian is now pursuing a two-track strategy: manufacturing electric delivery vans for Amazon and establishing an electric pickup and SUV brand aimed at affluent consumers

Amazon has placed an order for 100,000 electric vehicles with the firm in 2019. The first Amazon vehicles would go into production in late 2021 at Rivian's facility in Normal, Illinois, with all deliveries finished by 2024.

R.J. Scaringe, founder and CEO stated that the identical goods will be followed by smaller variants in China and Europe.

With inputs from Reuters 

Picture Credits: Cnet

Stock View