Electric vehicle startup Rivian initially planned to launch its R1T pickup truck in July, but the start of production was delayed to September. With production now apparently right around the corner, Rivian is preparing to take the next step toward securing its future, with the company announcing on Friday that it has submitted its S-1 registration to the Securities and Exchange Commission in advance of an initial public offering.
Rivian is seeking an approximately $80 billion valuation, according to Bloomberg, which said it spoke with sources with knowledge of the situation. Bloomberg’s sources also said that Rivian, which is based in Irvine, California, but also has a large presence in Michigan, is aiming to have its initial public offering around Thanksgiving, but the company still needs approval from the SEC before that happens. Rivian officially says that the size and price range for the IPO is still being worked out, and the company is partnering with advisers including Goldman Sachs, JPMorgan Chase, and Morgan Stanley on the process.
If the $80 billion valuation proves accurate, Rivian would become more valuable on paper than General Motors and Ford. Those automakers, the Detroit Free Press notes, currently have market capitalizations of $72 billion and $53 billion, respectively. Ford has been a major investor in Rivian, helping contribute $10.5 billion to the startup alongside companies like Amazon. These investments have allowed Rivian to construct a factory in Normal, Illinois, where it will build the R1T and its R1S SUV counterpart. The company will also produce 100,000 electric vans for Amazon over the coming decade. Rivian is also planning to construct a $5 billion, 10,000-acre factory somewhere in the southwestern United States for additional production starting in 2023.
From: Car and Driver
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