Electric Vehicle Startup Rivian, Invested by Amazon, to Go Public on Nasdaq Next Week

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Rivian, an electric vehicle startup invested in by Amazon, is set to be listed on the Nasdaq market next week. Rivian aims to achieve a valuation of $60 billion through this initial public offering (IPO), and if successful, it will surpass Honda in market capitalization, drawing significant attention.

According to the Wall Street Journal (WSJ) on the 1st (local time), Rivian Automotive is expected to debut on the Nasdaq market as early as next week under the ticker symbol 'RIVN'. The lead underwriters for Rivian's listing are Morgan Stanley, Goldman Sachs, and JP Morgan, planning to offer 135 million shares at $57 to $62 per share. The offering price is reported to be subject to change based on investor demand prior to the stock listing.

WSJ cited sources familiar with the matter, reporting that "Rivian is targeting a valuation exceeding $60 billion."

If achieved, Rivian would have a higher valuation than Honda (approximately $53 billion).

WSJ reported that Rivian's listing is expected to be the largest among the series of electric vehicle company IPOs that have continued since last summer.

Headquartered in Irvine, California, Rivian has received about $10.5 billion in investments since 2019 from various companies including Amazon, Ford, and Cox Enterprises. Amazon disclosed last week that it holds a 20% stake in Rivian. It is known that Amazon has invested more than $1.3 billion in Rivian alone so far. Ford is also reported to hold a 12% stake in Rivian.

Rivian plans to launch a total of three models by the end of this year. The electric pickup truck called R1T began delivery to customers starting in September, and the electric truck R1S and a mid-size sport utility vehicle (SUV), both designed and manufactured for Amazon, are scheduled to be unveiled in December. Rivian has currently received an order for 100,000 trucks from an electronics retailer, which are expected to be delivered by 2025.

All three models launching this year will be produced at the Illinois factory Rivian purchased from Mitsubishi in 2017. Rivian is also planning to expand its factory and is reportedly currently scouting for a new plant site.

This content was produced with the assistance of AI translation services.