Electric vehicle maker reportedly planning IPO in 2021written by Bella Palmer
The electric vehicle maker is one of the most high-profile names in the electric vehicle space and has announced plans to build all-electric pickup and SUV
Rivian Automotive is reportedly planning to go public as soon as September with a valuation of around $50 billion, according to Bloomberg. The company, which counts Amazon.com Inc and Ford Motor Company as its investors.
The company is one of the most high-profile names in the electric vehicle space and has announced plans to build an all-electric pickup and an all-electric Sport Utility Vehicle (SUV). The pickup was originally scheduled to launch in 2020 but Covid-19 pandemic forced the company to push back that timeline and first deliveries are now expected in the second half of this year (H2).
The company already has multiple corporate orders for its products, the largest from Amazon. The e-commerce giant announced previously that they had ordered 100,000 electric delivery vans from Rivian as they plan to convert their delivery fleet to 100% renewable energy by 2030.
In January, Rivian announced they had raised another $2.65 billion in its latest funding round. T. Rowe Price led the funding round which also included Fidelity, Coatue Management and Amazon, all previous backers of the automaker. The investment reportedly came at a valuation of $27.6 billion.
The new money will allow the company to focus on launching three products this year while scaling up for growth, Rivian’s founder and CEO RJ Scaringe said in a statement at the time.
Electric vehicle makers have seen valuations skyrocket in the last year. Tesla Inc shares gained over 700% in 2020 and Chinese automaker Nio Inc Class A ADR shares were up over 1000% over the same period. Nikola Corp, another electric vehicle manufacturer went public via a SPAC last year, valuing the company at $3.3 billion at the time but now with a market cap of close to $9 billion.
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