Breaking News

Rivian, electric car or truck maker backed by Amazon, files for IPO

Amazon strategies to have 10,000 new electric supply vans from Rivian on the street as early as 2022 and 100,000 of the autos on the street by 2030.

Amazon/Jordan Stead

Rivian Automotive, an electric-vehicle start-up backed by Amazon, announced Friday that it has submitted a private draft registration type for an IPO.

The sizing and selling price vary for the IPO has not been established, the firm reported in a launch. Rivian did not instantly react to CNBC’s ask for for comment.

The news comes months soon after Bloomberg documented that the business had selected Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could request a $70 billion valuation.

In modern months, the electric powered-auto corporation has reportedly started scaling up creation nationwide. Media shops documented final thirty day period that the business was planning a second electrical-auto assembly plant. The firm’s current U.S. plant is located in Usual, Illinois.

Previous thirty day period, the enterprise also closed a $2.5 billion funding spherical led by Amazon, Ford Motor and T. Rowe Price tag. Given that 2019, Rivian has elevated about $10.5 billion.

In September 2019, Amazon agreed to acquire 100,000 Rivian electric vans. Previously this 12 months, the corporation commenced screening electric supply vans in San Francisco and Los Angeles.

Amazon’s shares were flat in morning trading, although shares of Ford ended up up more than 2%.