WASHINGTON – Rivian Automotive, the Amazon-backed manufacturer of electric trucks and utility vehicles, yesterday said it has filed for a stock market listing as it prepares to ramp up production and delivery.
The California-based firm said it filed confidentially for an initial public offering, under a provision allowing it to keep its financial data private.
The size and price range for the offering were not disclosed.
Rivian has raised more than US$10 billion (RM41.95 billion) in funding since its founding in 2009, including from Amazon, which has pledged to purchase 100,000 electric delivery vans from the start-up. Its valuation was pegged at US$26.7 billion earlier this year.
In addition to the Amazon delivery vehicles, Rivian is producing electric trucks and sport utility vehicles for consumers with prices starting from around US$70,000.
The news from Rivian comes as governments around the globe, including in the United States, make the development of electric cars a priority, and as the global auto sector accelerates the production of such vehicles.
Rivian’s website is taking orders for vehicles with deliveries expected from January next year. Several other manufacturers are introducing electric vehicles aiming to challenge sector leader Tesla.
Its investors include Ford Motor Co, Fidelity, T. Rowe Price and Amazon’s Climate Pledge Fund. – AFP, August 28, 2021
