With most of the world pushing consumers to go to electric vehicles rather than traditional combustion-powered engines, electric automakers are coming out the would work. While almost every traditional automaker is getting into the electric vehicle game in some form, there are several new companies that are electric from the get-go, such as Tesla and Rivian.
Rivian has been talking up and showing off prototypes of its very interesting electric vehicles. Currently, the company is backed by Amazon.com and several other investors. A new report indicates that Rivian Automotive Inc. is gearing up to go public with an IPO that could be worth as much as $70 billion. Word of the potential IPO comes from sources cited by Bloomberg that wanted to remain anonymous because the IPO is unannounced at this time.
According to the sources, Rivian is working with advisors, including Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley. The sources claim that Rivian is seeking a valuation of around $70 billion, while past rumors indicated Rivian would be seeking a value closer to $50 billion. The sources also stressed that no final decision has been made, and the details of the potential IPO could change.
There have been no official comments on a potential IPO from Rivian or any of the advisors the automaker is reportedly working with. Rivian had a value of $27.6 billion as of January when it raised $2.65 billion from various investors. The company is making electric vehicles, including a pickup and SUV that uses the same platform. The electric pickup is called the R1T, and deliveries are expected to begin in July. That is a delay of about a month from the previously expected delivery date, with indications that Rivian has experienced issues procuring the components it needs to build the vehicles.