Rivian, an electric vehicle startup backed by Amazon, Ford, and other deep-pocketed investors, confidentially filed to become a publicly traded company this week.
The initial public offering is expected to take place after the Securities and Exchange Commission completes its review process, Rivian said. The proposed offering’s size and price range must still be determined.
However, Rivian last year raised $2.5 billion from accounts advised by investment firm T. Rowe Price and it has become a standout amid fledgling EV start-ups.
The company has a contract with Amazon to build 100,000 electric delivery vans starting this year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV.
Electric vehicle maker Rivian raises another $2.5 bn
© 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Citation:
Rivian, an EV startup with big backers, files to go public (2021, August 27)
retrieved 27 August 2021
from https://techxplore.com/news/2021-08-rivian-ev-startup-big-backers.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
