Rivian is expected to hit the stock market as soon as this year with a valuation of perhaps $50 billion, maybe more. Of course, much of this is based on the fact that the Rivian R1T electric truck is expected to hit the market before the competition, but the Rivian electric van is actually already in production and performing deliveries as we write this. In small numbers, at least.
Of course, Rivian already has millions in backing, with big names like Amazon, Ford. and Cox Automotive on board. Those first two companies are also its biggest business-to-business customers, with the internet retailer and cloud storage outfit having placed a huge 100,000 delivery vehicle order and the Detroit automaker buying Ford-branded all-electric vehicles, likely a crossover SUV.
The story, based on sources whom Bloomberg describes as “people familiar with the matter” who “asked not to be identified.” While that may earn the report our “Rumor” tag, it is not an unexpected development.
It is interesting to note that Rivian is sticking with the traditional route of going public via an initial public offering (IPO). Recently, a number of electric vehicle-related companies have used a special purpose acquisition company (SPAC), which can have fewer regulatory hurdles and be faster.
Nikola Motor Company is probably one of the best known of those, but there are others. In those cases, a company that’s been formed solely for the purpose of bringing a promising startup public merges with its target.
The Rivian R1T electric pickup should begin making its way to customers this June, with deliveries of the R1S SUV following not long after.
Go to the news source: Electric Truck And SUV Maker Rivian To Hit Stock Market With IPO This Fall