Startups

Amazon-backed EV startup Rivian files to go public

Rivian, the well-financed electric vehicle startup, on Friday said it had filed plans to go public with securities regulators.

Driving the news: The plans for a public listing come as the company prepares to launch deliveries of its pickup truck next month, with plans to start delivering its SUV this fall.

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  • The Michigan-based startup also has a large deal with Amazon to build up to 100,000 electric delivery vehicles this decade.

  • Bloomberg, citing sources familiar with the plan, reports that Rivian is hoping to do an IPO around the Thanksgiving timeframe and hopes for a $80 billion valuation.

The big picture: The company is well-capitalized. Rivian’s financial backers include Ford and Amazon, with its recent $2.5 billion funding round bringing the total amount raised above $10 billion.

  • It’s also breaking from the pack of EV startups going public with apparent plans to eschew listing via merger with a special purpose acquisition company, the route many others are taking.

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  • It’s also breaking from the pack of EV startups going public with apparent plans to eschew listing via merger with a special purpose acquisition company, the route many others are taking.

Source: https://news.yahoo.com/amazon-backed-ev-startup-rivian-153322020.html

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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