Electric car startup wants to exceed the price

Rivian, an American electric vehicle startup backed by Amazon and Ford, said it has just filed for listing with the US Securities and Exchange Commission (SEC).

The Rivian R1T electric pickup truck is on display at an event in Mill Valley, California on January 25, 2020. Photo: Reuters

Rivian made headlines when it said it was looking for a valuation of about $80 billion and was planning an initial public offering (IPO) around Thanksgiving, according to Bloomberg.

In a recent announcement, Rivian said that the size of the capital raising and the threshold for the IPO share price have not been determined yet. However, a valuation of $ 80 billion will help Rivian surpass the value of two “big” American car manufacturers Ford and GM.

Rivian was founded in 2009 and has raised $10.5 billion since 2019 amid the auto industry’s push to develop “green cars”. The brand has emerged as a leading contender in the world of electric vehicle startups that can challenge Tesla and traditional automakers.

The US electric car company has received a “super” order for 100,000 delivery trucks from Amazon and some of them have been handed over to the e-commerce giant.

Rivian positions itself as an “adventure electric vehicle” brand, with emphasis on the R1T pickup truck and the R1S seven-seat SUV that can drive through three feet of water. The American electric scooter startup also partnered with the Solar Energy Development Fund of mountaineer Alex Honnold – the first person to climb El Capitan in Yosemite National Park with his bare hands.

The American electric car company says its pickup and SUV models will start at about $ 70,000 with a battery capacity that can run more than 300 km on a single charge, which is not a big difference compared to the model. electric vehicles from older automakers, such as the Tesla Model X and the GMC Hummer EV.

Rivian previously said it would deliver the first electric cars to customers this summer, but has so far failed to do so.

Recently, Rivian’s electric car attracted attention when it was cleverly chosen as a vehicle for Amazon founder, billionaire Jeff Bezos and a group of passengers to move to the New Shepard spacecraft to make a space flight in July. According to Rivian’s explanation, these vehicles were “borrowed” by the electric car company for the private aerospace company Blue Origin of billionaire Bezos.

Rivian is mass-producing the first cars at its plant in the Bloomington-Normal, Illinois metropolitan area. According to the region’s leaders, Rivian has helped revive the land since Mitsuibishi’s plan in 2015.