Electric pickup truck maker Rivian, which has high profile backers such as Amazon, Inc. AMZN, Ford Motor Company F and T. Rowe Price, is planning one of the biggest U.S. initial public offerings in recent years.
What Happened: Rivian is seeking to raise about $5 billion to $8 billion through its proposed IPO, Reuters reported, citing people familiar with the matter.
The company is reportedly aiming for a valuation of about $80 billion and the IPO is likely to be made in late October or November.
Rivian confirmed in late August it has filed confidentially for an IPO and the SEC is reviewing its application.
Related Link: Tesla Cybertruck Vs. Ford F-150 Lightning Vs. Lordstown Endurance: Vs. Rivian R1T: How They Stack Up
Why It's Important: Rivian is currently developing two EV models: the R1T pickup truck and the R1S SUV. The company was planning to deliver its R1T pickup truck in September.
Against this backdrop, CEO RJ Scaringe confirmed Tuesday the company's first customer vehicle has rolled off the production line and will shortly be delivered to customers.
The R1T has a few rival offerings in the works such as Tesla, Inc's. TSLA Cybertruck and Ford's F-150 Lightning EV pickup truck.
The IPO proceeds will likely add to Rivian's war chest as it clearly emerges ahead in the EV pickup truck race.
Photo: courtesy of Rivian.
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