Electric-truck maker Rivian Automotive could soon make its public debut, as the company has allegedly selected underwriters for an initial pubic offering that could take place as early as this year.
According to Bloomberg, which cited sources familiar with the matter, Amazon-backed Rivian has supposedly hired advisors from Goldman Sachs, JPMorgan, and Morgan Stanley, to conduct the potential listing. The sources, which cannot be identified due to the privacy of the matter, said that Rivian could seek a valuation of $70 billion, which is significantly higher than the $50 billion previously reported by Bloomberg. However, the decision has yet to be finalized, and details surrounding the potential listing are still subject to change.
Back in January, Rivian announced it had successfully raised $2.65 billion from high-profile backers including Fidelity Investments, T. Rowe Price Group Inc, and of course, Amazon. The EV maker is among several new startups that are slated to compete with Tesla as they introduce new vehicles to the market. Bloomberg previously reported that Rivian is anticipating an annual capacity of around 300,000 vehicles, with 40,000 of them being made in its first full year of production— or an average of nearly 800 per week. Comparatively, Tesla produced 5,000 cars each week at its Fremont, California plant in 2018 during its first full year of production.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.