EV Manufacturer Rivian Sets Sights for IPO This Year

Rivian an American electric vehicle (EV) manufacturer, backed by Amazon.com and Ford Motor, is looking to go public (IPO) as soon as September at a valuation of about USD 50 billion or perhaps more, according to people familiar with the matter. 

The company took to Twitter also, as the tweet reads, “BREAKING: Rivian is looking to go public as soon as September at a valuation of ~$50 billion (and perhaps more) according to sources.”

However, Rivian R1T electric truck is expected to hit the market before the competition, while the Rivian electric van is already in production and performing deliveries. 

Interestingly, Rivian is one of the highest-profile potential competitors to Tesla, has raised more than USD 8 billion to date from investors who expect its battery-electric pickup and SUV to perform well in the U.S. market. At a USD 50 billion valuation, it would likely be one of the biggest IPOs of the year and one of the most remarkable EV listings since Tesla’s 2010 offering.

Additionally, Rivian also has a deal with Amazon to build 100,000 custom electric delivery vans by 2030. In the near-term, the companies say 10,000 of the vans will be on the road making deliveries by 2022. Rivian will build three different models of the van, which is capable of going about 150 miles on a single charge.

Recently in January 2021, the American automaker had announced the closing of its latest investment round of USD 2.65 billion led by T. Rowe Price Associates, Inc. This round also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners as well as several other existing and new investors.

That round was the first investment that the company has raised in 2021 so far. This makes a total investment of USD 8 billion Rivian has raised, since its start in 2019.