Amazon-backed electric vehicle maker Rivian files IPO filing

Amazon-backed electric vehicle maker Rivian files IPO filing

Amazon plans to bring 10,000 new electric delivery vans from Rivian by early 2022 and 100,000 vehicles on the road by 2030.

Amazon / Jordan Stead

Rivian Automotive, an electric vehicle start-up backed by Amazon, announced on Friday that it had filed a draft confidential registration form for an IPO.

The size and price range of the IPO have not been determined, the company said in a statement. Rivian did not immediately respond to CNBC’s request for comment.

The news comes months after Bloomberg announced that the company had chosen Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could ask for a valuation of $ 70 billion.

In recent months, the electric vehicle company has reportedly started ramping up production across the country. Media reported last month that the company is planning a second electric vehicle assembly plant. The company’s current US plant is located in Normal, Illinois.

Last month, the company also closed a $ 2.5 billion funding round led by Amazon, Ford Motor and T. Rowe Price. Since 2019, Rivian has raised around $ 10.5 billion.

In September 2019, Amazon agreed to purchase 100,000 Rivian electric vans. Earlier this year, the company began testing electric delivery vans in San Francisco and Los Angeles.

Amazon shares were flat in morning trading, while Ford shares were up more than 2%.

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