Electric-vehicle developed Rivian will go public as early as September with a valuation of around $50 million, according to Bloomberg News.

The company, backed by Amazon and Ford, has been in discussions with bankers about the IPO plans, however an official timeline for the offering has not been set, the news website reported.

Last month the automaker announced a $2.65 billion investment round, including funding from Amazon’s Climate Pledge Fund.

“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” said Rivian founder and chief executive RJ Scaringe, at the time of the investment.

Joe Fath, T. Rowe Price portfolio manager, commented on the funding: “We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term.”

In February 2019 it received $700 million in a funding round led by Amazon, as well as an order from the retail giant for 100,000 custom electric delivery vans, for customer deliveries starting this year.

In April of 2019 Ford Motor Company invested $500 million.

The company has raised $8 billion funding since the start of 2019.

Share Story: