Electric car maker Rivian, backed by online retailer Amazon.com, has submitted a request for a primary stock offer to the US regulator. The company would like to enter the stock exchange at the end of the year. According to informed sources, referred to by the Reuters agency, the offer could value the company at 70 to 80 billion dollars (1.5 to 1.7 trillion crowns). That’s more than the market capitalization of the American carmaker General Motors.
The company has not yet provided any further details on its primary bid plans. It is expected to publish more public information about its financial situation for the first time in the coming weeks.
In addition to Amazon, Rivian’s investors include Soros Fund Management and BlackRock. The company is one of the best funded start-ups in the USA. Since the beginning of 2019, it has received $ 10.5 billion from investors.
Rivian plans to start production of an electric pickup and sport utility vehicle this year. It mainly wants to compete with the electric car manufacturer Tesla, which is currently planning to produce a pickup.
Tesla’s market capitalization is now nearly $ 700 billion. However, a number of companies, including incumbents, are now seeking a position in the electric car market as China, Europe and other countries and regions come up with regulations aimed at reducing carbon dioxide emissions.
Rivian was founded in 2009 by Robert Joseph Scaringe. Originally called Mainstream Motor, in 2011 it was renamed Rivian. The company already has a contract to produce 100,000 electrical supplies for Amazon by the end of this decade. Reuters recently reported that Rivian was negotiating the construction of a new factory in Texas for at least $ 5 billion.
In addition to Rivian, a number of fast-growing companies focused on the production of electric cars have benefited from the rapid growth in the US stock markets in recent months. However, mainly through a merger with an acquisition-oriented company, the so-called SPAC. In this way, Lucid Motors, Nikola, Fisker and Lordstown Motors entered the stock exchange.
Take a look at the Rivian test drive: