The automaker is reportedly targeting an $80 billion valuation, which would make it the world’s sixth-most valuable car company.
Rivian, the Irivine-based startup that aims to storm the market with its adventure-oriented electric trucks, has filed for its Initial Public Offering (IPO) according to reports. Despite the fact that Rivian is yet to deliver a single vehicle, the firm is targeting an $80 billion valuation which would place it amongst the world’s automotive elite. For reference, General Motors is currently valued at $72.22 billion meanwhile Daimler, the world’s fifth most valuable car brand, is worth $89.76 billion.
Rivian previously sought out a $70 billion valuation with its IPO according to reports in May, however the company clearly believes they are now worth more than that. Last week Rivian subtly filed an S-1 form with the SEC according to “sources familiar with the matter”. The company reportedly expects the offering to be available by late November.
Rivian already has a number of major backers, including Ford, Amazon and Cox Automotive. The firm has raised $10.5 billion from investors since opening its doors to private investments in early 2019.
Gallery: Rivian R1T Truck & R1S SUV Wow NYC Ahead Of Auto Show: Video
The startup, led by 38-year-old founder and CEO RJ Scaringe, plans to delivers its first vehicles in September. The first Rivians to reach customers will be well-equipped Launch Edition R1T pickups. The Launch Edition R1T starts at $73,000 and is capable of around 300 miles per charge. Deliveries of other R1T trim levels are expected to commence in early 2022. As for the R1S SUV, Rivian is yet to give an exact date for first deliveries.
Source:Bloomberg via Teslarati
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