Amazon-backed electric vehicle manufacturer, Rivian, has filed for an initial public offering (IPO), it announced on Friday.
Rivian, which was founded in 2009, is seeking a valuation of more than $70 billion and is seen by Amazon as a rival to Elon Musk’s Tesla, according to the Financial Times.
A spokesperson for Rivian declined to reveal an estimated timeline for when the listing might happen.
Goldman Sachs is thought to be heading up the offering.
Rivian has raised over $10 billion since the start of 2019 according to data from PitchBook, its latest being a $2.5 billion round led by its existing investors Amazon, Ford Motors and T. Rowe Price, which was part of Amazon’s Climate Pledge Fund.
The company was valued at $27.6 billion in January earlier this year after previous investment from Amazon in 2019 which meant that the ecommerce giant ordered 100,000 custom delivery vans.
Around 10,000 of these are due on the roads by the end of next year.
As part of its range of vehicles, Rivian is producing both a sports utility truck and a pick-up, which will be manufactured in the company’s factory in Illinois.
The pick-up truck will cost buyers around $67,500 and can drive for more than 300 miles on a charge, which competes with the likes of General Motors, Volkswagen and Ford’s electric equivalents.
Deliveries of the vehicles have been delayed by the “cascading impacts of the pandemic” which were due to start in July.
A 400 mile plus model is scheduled for January next year according to the company, which will want to compete with Tesla’s upcoming Cyber truck which is rumoured to have a range of up to 500 miles.
“Everything from facility construction, to equipment installation, to vehicle component supply (especially semiconductors) has been impacted by the pandemic,” Rivian’s chief executive R J Scaringe wrote to customers in a letter last month.
Rivian is considering a European plant and a second US manufacturer facility, the company said last month.
The company also has an engineering office in Woking in Surrey that focuses on “advanced concepts, body and lighting”.
As a result of Rivian’s IPO announcement, Ford’s share price climbed 3 per cent while Amazon’s rose by a small margin.