US EV Startup Rivian Going Public

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 EV Rivian To IPO On Nasdaq




                                        Source:  Rivian

Multi Billion IPO on Nasdaq

Irvine, California based electric vehicle maker Rivian is considered by many to be the leader of EV startups.  The company is expected to go public this week.  It is looking for a valuation of $65 billion which would put in the major leagues alongside of Ford, which is valued at $77 billion, and GM, which is valued at $85 billion.  Many stock market analysts and automotive experts are asking is Rivian the next Tesla?  It certainly does have big backers.

Amazon With a 20% Stake

The company is backed by Ford and Amazon, which has a 20% stake. Rivian plans to list on the Nasdaq with the symbol "RIVN".  Despite the fact that it is a startup, the company has a revenue stream. It has put its electric pickup truck R1T into production and plans to deliver 1,000 pickups to customers by the end of 2021.  It also has a big contract with Amazon to deliver 100,000 "last mile" commercial electric delivery vans for Amazon through 2024. 

More Vehicles in the Pipeline

With the IPO, the company hopes to raise a whopping $10 billion.  That will help to greatly expand the pace of vehicle production.  Rivian says it will start taking orders on its electric delivery vans in 2022 and deliver them to buyers in 2023.  And it will sell fleet versions of its R1T e-pickup and R1S e-SUV, meaning it will compete with Ford's commercial version of its much-anticipated F-150 Lightning electric pickup.

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