Amazon-backed electric vehicle maker plans IPO

Electric SUV and pickup truck maker Rivian, in which Amazon and Ford Motor have invested, is planning an IPO in September, Bloomberg reported , citing sources. The company's valuation could be $50 billion or even more.

According to the interlocutors of the agency, the placement period may still be shifted to the end of the year or to 2022. In addition, the potential value of the company may also change, sources say. A Rivian spokesperson declined to comment.

The startup recently completed another investment round for $2.7 billion, among the company's investors are the Amazon-founded Climate Pledge Fund, Rowe Price Associates and others. In total, Rivian has already raised more than $8 billion in funding. In December 2019, Amazon, Ford and BlackRock invested in the company.

Rivian's IPO, valued at around $50 billion, could be one of the biggest this year and one of the most visible listings among electric vehicle makers. In 2010, Tesla raised about $226 million in its IPO and was valued at $1.6 billion.

Rivian was founded in 2009 and develops electric pickups and trucks. The company planned to start production of the first models in the second half of 2020, but due to the pandemic, the production start was pushed back to 2021. It is expected that the first electric vehicles of this brand will arrive to customers in the summer.

While Rivian hasn't made any cars yet, Amazon has already agreed with the company to buy 100,000 electric vans by 2030. The first deliveries are scheduled for 2022.

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