Amazon-backed electric vehicle maker Rivian files to go public

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

The size and price range for the IPO has not been determined, the company said in a release. Rivian did not immediately respond request for comment.

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

In recent months, the electric vehicle company has reportedly begun scaling up production nationwide. Media outlets reported last month that the company was planning a second electric vehicle assembly plant. The company’s existing U.S. plant 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. Since 2019, Rivian has raised about $10.5 billion.

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

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

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