NEW YORK, Aug 27 — Amazon.com Inc-backed electric vehicle company Rivian is seeking a valuation of around US$70-80 billion (RM293-RM335 billion) in its initial public offering, a source familiar with the matter told Reuters today.
Rivian confidentially submitted plans to US regulators for an IPO, the company said in a statement.
The company, which aims to compete with Tesla Inc, is looking to start production of an electric pick-up and an SUV this year.
Rivian’s filing comes as automakers are racing to develop EVs, with China, Europe and other countries and regions mandating lower carbon emissions.
In the United States, traditional carmakers such as General Motors Co and Ford Motor Co are retrofitting plants for EV production, while Tesla, Taiwanese contract manufacturer Foxconn and several startups are expanding existing plants or are building them.
Earlier this month, Reuters reported that Rivian was in discussions to invest at least US$5 billion in a new vehicle plant near Fort Worth, Texas.
A slew of EV startups, including Nikola Corp, Fisker Inc and Lordstown Motors Corp, have chosen to merge with special purpose acquisition companies, or SPACs, to go public.
Rivian did not provide any other details of the IPO.
The company has raised US$10.5 billion since the start of 2019, including US$2.5 billion in July in a round led by Amazon and Ford. — Reuters
