EV startup Rivian preparing for IPO

According to a report from Bloomberg News, Tesla Inc’s rival electric-vehicle startup Rivian is likely to go public later this year at a valuation of around $50 billion or more.

The startup has the backing of Ford Motor Co and Amazon.com Inc.

While Rivian has been in talks with bankers about its plans, its timeline for an initial public offering isn’t final and it could come out with an IPO later this year or even next year, said the report citing sources familiar with the matter at hand.

Last month, its latest $2.65 billion funding round was led by T. Rowe Price. Since the beginning of 2019, the startup has raised more than $8 billion.

It plans on starting the deliveries of its pickups from June this year, while the timeline for deliveries of its SUVs has been shifted to August.

Launch editions of its vehicles are priced at $75,000 and $77,500, respectively, with a 300-mile (480 km) driving range for both.

In 2019, Amazon had placed orders for 100,000 electric vans from Rivian.

“The first Amazon vehicles go into production at Rivian’s factory in Normal, Illinois in late 2021, with all deliveries to be completed by 2024” said the report.

The startup plans on following up with smaller models targeted aimed at the European and Asian markets, said R.J. Scaringe, its founder and CEO.

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