Rivian Automotive Inc., an electric truck manufacturer that operates a R&D center in Plymouth Township, has filed for an IPO that seeks a valuation of between $70 billion and $80 billion. The company plans to introduce an electric pickup be the end of the year.
On Friday, Rivian, backed by Amazon, submitted a S-1 registration with the U.S. Securities and Exchange Commission. The IPO is planned for late November, and the exact timing will be determined following approval from the SEC.
A major component of the effort was the fundraising efforts of Rivian, a developer of the R1T truck and the R1S SUV that are designed on a flexible skateboard platform. The company says each vehicle will have up to 400 miles of range and a new combination of off-road utility and high performance.
No official release date for the vehicles is available, though the company previously said it plans to roll out its products later this year. The firm and Ford are working on a vehicle project using Rivian’s skateboard technology, likely on the Ford F-150. In turn, Amazon has committed to ordering 100,000 Rivian vans with expected delivery to begin later this year.
In recent months, Rivian has received an equity investment of $350 million from Cox Automotive in Atlanta, a $700 million investment from Seattle-based Amazon, and a $500-million investment from Ford.
The company also received an investment round of $1.3 billion led by funds and accounts advised by T. Rowe Price Associates Inc., Amazon, Ford, and funds managed by BlackRock.
Rivian is working on the IPO with advisers including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley.