Popular electric vehicle maker Rivian announces IPO

Popular electric vehicle maker Rivian announces IPO

Rivian Automotive, an Amazon-backed maker of electric trucks and utility vehicles, filed for a stock market listing on Friday as it prepared to ramp up manufacturing and deliveries.

The California-based company said that it has filed for an initial public offering (IPO) on a confidential basis, in accordance with a provision that allows it to keep its financial data private. The offering’s size and pricing range were not disclosed.

Rivian has garnered more than $10 billion in investment since its inception in 2009, notably from Amazon, which has committed to buy 100,000 of the startup’s electric delivery vans. Earlier this year, it was valued at $26.7 billion.

In addition to Amazon delivery vehicles, Rivian manufactures electric trucks and sport utility vehicles for customers, with pricing beginning at $70,000. Rivian’s announcement comes as governments around the world, particularly the United States, prioritize the development of electric vehicles and the global auto industry increases EV manufacturing.

Rivian’s website is now accepting orders for automobiles, with delivery beginning in January 2022. Several other automakers are introducing electric vehicles in an attempt to challenge Tesla.

Related posts

Leave a Comment