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Amazon-backed electric car manufacturer Rivian applies for listing at a valuation of $80B

Posted on August 28, 2021 by William
After the new Shepard suborbital space flight carrying Jeff Bezos, Rivian trucks lined up on the launch pad of Blue Origin, Texas. (GeekWire Photo/Alan Boyle)

Rivian, an electric car manufacturer, has attracted huge amounts of money from Amazon and other companies. Announced on friday It plans to go public, and a report valued the company at approximately $80 billion.

Rivian said that the size and scope of the proposed initial public offering has not yet been determined, and it is expected to proceed after the Securities and Exchange Commission review process. Bloomberg The valuation figures were reported, citing people familiar with the matter.

For several years, Amazon has been injecting capital into the automaker, investing USD 700 million and USD 1.3 billion respectively in 2019. In July, the technology giant and Ford Motor Company participated in a $2.5 billion financing.Amazon is investing in Climate Commitment Fund, Which aims to support companies that accelerate Amazon’s commitment to achieving net zero carbon in their businesses by 2040.

Rivian was founded in 2009 and has raised $10.5 billion so far, but has encountered delays in delivering R1T pickups.

Amazon plans to buy 100,000 electric trucks from the automaker for its delivery fleet, and plans to have 10,000 on the road as early as 2022, and all will reach 100,000 by 2030.

Amazon founder Jeff Bezos and his Blue Origin space company have successfully acquired some Rivian trucks, which were used to transport crew members to the launch pad after his recent suborbital space mission in Texas And pick them up.

Rivian based in California — sometimes referred to as “Tesla in a truck” According to previous reports by GeekWire, a showroom is being set up in Seattle and a service center is being set up in nearby Bellevue, Washington.

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