Rivian, electric powered car maker backed by Amazon, data files for IPO

Amazon plans to have 10,000 new electric powered delivery vans from Rivian on the highway as early as 2022 and 100,000 of the vehicles on the road by 2030.

Amazon/Jordan Stead

Rivian Automotive, an electric powered-car or truck start-up backed by Amazon, announced Friday that it has submitted a confidential draft registration form for an IPO.

The dimensions and rate variety for the IPO has not been identified, the company said in a launch. Rivian did not promptly answer to CNBC’s ask for for remark.

The information arrives months following Bloomberg described that the enterprise experienced picked Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could search for a $70 billion valuation.

In latest months, the electric-car or truck business has reportedly begun scaling up generation nationwide. Media shops reported very last thirty day period that the company was arranging a second electric-vehicle assembly plant. The company’s existing U.S. plant is positioned in Typical, Illinois.

Previous month, the business also shut a $2.5 billion funding spherical led by Amazon, Ford Motor and T. Rowe Cost. Since 2019, Rivian has lifted about $10.5 billion.

In September 2019, Amazon agreed to order 100,000 Rivian electric powered vans. Previously this calendar year, the company started screening electric powered delivery vans in San Francisco and Los Angeles.

Amazon’s shares were flat in early morning investing, although shares of Ford ended up up far more than 2{d193e09a58b59d8db4f9cbfbd917777d90b1450a77600673ac73279d595e6255}.

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