Electric-vehicle startup Rivian, which is backed by Amazon.com and Ford Motor, is looking to go public as soon as September at a valuation of about $50 billion or higher, Bloomberg News reported on Tuesday.
Rivian has been in talks with bankers regarding its plans, but the company’s timeline for an initial public offering isn’t final and a listing could happen later in a year or 2022, Bloomberg News reported, citing people knowledgeable with the matter.
The company refused to comment.
Rivian, which intends to put an electric pickup and SUV in production this year, declared a $2.65-billion investment round last month led by T. Rowe Price. The startup has said it has raised $8 billion since the start of 2019.
The company’s deliveries of pickups would begin in June, while those of SUVs would start in August. Launch editions of the vehicles are priced at $75,000 and $77,500, respectively, with a 300-mile (480 km) driving range for both.
In 2019, Amazon ordered 100,000 electric vans from Rivian. The first Amazon automobiles go into production at Rivian’s factory in Normal, Illinois in late 2021, with all deliveries to be finished by 2024.
Rivian prepares to follow those products with smaller models targeted at China and Europe.
