Electric-vehicle startup Rivian Automotive said Friday that it has confidentially submitted paperwork with financial regulators for a proposed listing, joining a growing list of battery-electric upstarts looking to tap the public markets.
Rivian, whose backers include Amazon.com Inc. and Ford Motor Co. , said the size and price range for the proposed public offering haven’t been determined. The company said it expects the initial public offering to happen after the Securities and Exchange Commission completes its review process. Bloomberg earlier reported the filing.
The startup has raised $10.5 billion since 2019, as investors have grown more enthusiastic about battery-electric technology. In filing for a traditional IPO, Rivian is taking a different path from many rival electric-vehicle startups, a number of which went public within the last year through mergers with special-purpose acquisition companies, or SPACs.
The Irvine, Calif.-based auto maker plans to start producing its first electric-pickup truck this year at a factory in Normal, Ill., followed by an SUV with branding aimed at outdoor enthusiasts.
It is one of a number of upstart car manufacturers vying with more traditional auto makers to dominate in electric vehicles, a technology that the Biden administration is promoting as a way to help combat climate change.
