EV automaker Rivian is making plans for an initial public offering (IPO) that could be worth up to $80 billion. At that amount, the Irvine, CA-based company would have a valuation greater than General Motors ($72 billion) or Ford Motor Company ($52 billion). With this move, Rivian is seeking to join the ranks of other publicly traded car builders including Lucid Motors, Faraday Future, and EV pioneer Tesla. Like Lucid and Faraday, Rivian has yet to deliver a car.
Rivian Is Tight-Lipped About IPO Details
As is customary for companies in the pre-IPO phase, Rivian is tight-lipped about its possible valuation. “The size and price range for the proposed offering have yet to be determined,” is what the company remarked in its sole statement about the IPO. However, various media sources, including Bloomberg, are touting the $80 billion figure as what Rivian and its investors are hoping for.
$10.5 Billion Investment From Amazon, Ford, And Other Big Players
The automaker has attracted $10.5 billion in investments from major players, including Amazon, Ford, T. Rowe Price, and Cox Automotive. These companies stand to profit handsomely from a successful Rivian IPO.
Rivian’s R1T truck and R1S SUV will be the initial products out of the company’s Normal, IL factory (a former Mitsubishi plant). The first R1Ts are expected to hit the street later this year and promises up to 400 miles of range (launch models will have a 300-mile range), a 3.0-second acceleration time for a 0-60 run, and three-foot water fording capability. The seven-seat R1S is expected to debut next year with a 300-mile range and capabilities similar to the R1T. Pricing for the R1T begins at $67,500 and for the R1S at $70,000.
In addition, Rivian has a contract to produce 100,000 electrified vans for Amazon. 10,000 of these are supposed to deliver by the end of 2022.
Can Rivian Deliver The First EV Pickup To The Marketplace?
Should Rivian actually be able to put the R1T in the hands of customers this year (it’s attributed earlier delays to the pandemic), it will be the first major company to put an EV pickup on the road. The company hopes to beat the Tesla Cybertruck, Ford F-150 Lightning, GMC Hummer EV, and others to the punch.
Sources: Bloomberg, Rivian