Tesla rival Rivian wants to go public on Thanksgiving

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The electric SUV and truck manufacturer Rivian has filed an application for an IPO with the US agency SEC. The proposed IPO could value the Tesla rival at $ 80 billion.

Rivian has not yet launched its R1T electric pick-up truck, which was officially announced in 2018, nor the R1S electric SUV. However, the electric car maker is considered a well-financed startup. Rivian has now raised $ 10.5 billion. Investors include Amazon and Ford. Rivian is expected to build 100,000 e-vans for Amazon by the end of the decade. There have been rumors of a planned IPO for a long time. Rivian is now venturing out of cover.

As the Company notifies, it has filed a so-called S-1 filing with the US Securities and Exchange Commission. The company has not announced anything about the volume of the planned IPO – Rivian does not, like many other startups, rely on a shell IPO (Spac). There is also no official information about the possible time of the debut on the trading floor.

The usually well-informed news agency Bloomberg assumes meanwhilethat Rivian would be valued at around $ 80 billion if it went public. This would make the IPO one of the largest IPOs this year. According to company insiders, the company is planning its IPO around Thanksgiving, which will take place on November 25 this year. The exact point in time depends on how quickly the SEC completes the examination of the submitted documents.

Rivian has had to postpone the start of production of the R1T e-truck several times, but according to Bloomberg, the start of test production is planned for August. Rivian initially plans to build the pick-up and the R1S electric SUV, which has been postponed indefinitely, in a former Mitsubishi factory in the US state of Illinois. The automaker is also negotiating a second US plant in Texas. The search for potential factory sites in Europe was also recently reported. Rivian could manufacture the e-vans for Amazon there.

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