Rivian, electric powered car or truck maker backed by Amazon, documents for IPO

Amazon strategies to have 10,000 new electric shipping and delivery vans from Rivian on the road as early as 2022 and 100,000 of the vehicles on the road by 2030.

Amazon/Jordan Stead

Rivian Automotive, an electrical-car or truck start-up backed by Amazon, introduced Friday that it has filed a confidential draft registration form for an IPO.

The dimensions and value array for the IPO has not been decided, the enterprise claimed in a launch. Rivian did not straight away reply to CNBC’s request for comment.

The news comes months following Bloomberg claimed that the organization experienced selected Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could look for a $70 billion valuation.

In latest months, the electric-auto business has reportedly begun scaling up manufacturing nationwide. Media stores described previous thirty day period that the firm was organizing a next electric-vehicle assembly plant. The firm’s present U.S. plant is found in Normal, Illinois.

Very last thirty day period, the enterprise also closed a $2.5 billion funding spherical led by Amazon, Ford Motor and T. Rowe Selling price. Since 2019, Rivian has elevated about $10.5 billion.

In September 2019, Amazon agreed to order 100,000 Rivian electric powered vans. Previously this 12 months, the corporation commenced tests electric delivery vans in San Francisco and Los Angeles.

Amazon’s shares ended up flat in morning investing, while shares of Ford have been up far more than 2%.

Amelia J. Bell

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