Rivian, an EV startup with big backers, files to go public

·1-min read
FILE - In this Nov. 14, 2018, photo shows Rivian R1T at Rivian headquarters in Plymouth, Mich. Rivian, an Electric vehicle startup backed by Amazon, Ford, and other deep-pocketed investors, confidentially filed to become a publicly traded company this week, Friday, Aug. 27, 2021. Rivian said that the initial public offering is expected to take place after the Securities and Exchange Commission completes its review process. (AP Photo/Paul Sancya)

Rivian, an electric vehicle startup backed by Amazon, Ford, and other deep-pocketed investors, confidentially filed to become a publicly traded company this week.

The initial public offering is expected to take place after the Securities and Exchange Commission completes its review process, Rivian said. The proposed offering's size and price range must still be determined.

However, Rivian last year raised $2.5 billion from accounts advised by investment firm T. Rowe Price and it has become a standout amid fledgling EV start-ups.

The company has a contract with Amazon to build 100,000 electric delivery vans starting this year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting