Electric-vehicle startup Rivian Automotive said Friday that it has confidentially submitted paperwork with financial regulators for a proposed listing, joining a growing list of battery-electric upstarts looking to tap the public markets.
Rivian, whose backers include Amazon.com Inc. and Ford Motor Co. , said the size and price range for the proposed public offering haven’t been determined. The company said it expects the initial public offering to happen after the Securities and Exchange Commission completes its review process. Bloomberg earlier reported the filing.
The startup has raised $10.5 billion since 2019, as investors have grown more enthusiastic about battery-electric technology. In filing for a traditional IPO, Rivian is taking a different path from many rival electric-vehicle startups, a number of which went public within the last year through mergers with special-purpose acquisition companies, or SPACs.
The Irvine, Calif.-based auto maker plans to start producing its first electric-pickup truck this year at a factory in Normal, Ill., followed by an SUV with branding aimed at outdoor enthusiasts.
It is one of a number of upstart car manufacturers vying with more traditional auto makers to dominate in electric vehicles, a technology that the Biden administration is promoting as a way to help combat climate change.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
