Rivian, electric vehicle maker backed by Amazon, files for IPO

Amazon plans to have 10,000 new Rivian electric vans by 2022 and 100,000 of the vehicles on the roads by 2030.

Amazon / Jordan Stead

Rivian Automotive, an Amazon-backed electric vehicle startup, announced Friday that it had filed a confidential draft registration form for an IPO.

The company announced in a statement that the size and price range for the IPO have not yet been determined. Rivian did not immediately respond to CNBC’s request for comment.

The news comes months after Bloomberg reported that the company selected Goldman Sachs, JPMorgan and Morgan Stanley as underwriters for its IPO and could aim for a valuation of $ 70 billion.

In the past few months, the electric vehicle maker has reportedly started to ramp up production across the country. Media reported last month that the company is planning a second electric vehicle assembly plant. The company’s existing US facility is located in Normal, Illinois.

Last month, the company also closed a $ 2.5 billion funding round led by Amazon, Ford Motor and T. Rowe Price. As of 2019, Rivian has raised approximately $ 10.5 billion.

In September 2019, Amazon agreed to purchase 100,000 electric vans from Rivian. The company began testing electric delivery trucks in San Francisco and Los Angeles earlier this year.

Amazon’s shares were flat in morning trading, while Ford’s shares rose more than 2%.

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