We don’t have an exact date for Rivian’s IPO, but it’s expected to debut sometime in 2021 so it can’t be long now. Rivian is expected to be a strong competitor to EV leader Tesla.
Amazon has already inked a deal with Rivian for 100,000 vehicles, and has previously said it was backing the company, but nobody knew quite how much until a regulatory filing on Friday showed that the e-commerce company has a 20% stake in the new EV company with a carrying value of around $3.8 billion. Tech giant Amazon has made no secret of its support for Rivian, a relative newcomer on the EV scene but one that’s making a swift name for itself – the start-up hasn’t even released an actual vehicle yet, but if its IPO goes ahead at its expected $80 billion, the company will already be worth more than Ford’s $68 billion market valuation. Investors were potentially also cheering on the fact that Amazon said it will stop sending products to Russia and will temporarily stop access to its streaming platform.Īmazon backs a new EV rival Amazon puts its weight behind a hot newcomer to the EV scene, announcing a 20% stake in start-up Rivian just before the electric vehicle maker goes public.
The brand announced a 20-for-1 stock split on Wednesday, its first since 1999, in an effort to attract smaller (and more) investors.
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