- Amazon.com Inc-backed electric vehicle firm Rivian is seeking a valuation of around $70 - 80 billion in its initial public offering, a source familiar with the matter told Reuters on Friday.
Rivian secretly filed plans for an IPO with U.S. regulators, the company said in a statement.
The company, which aims to compete with Tesla Inc., is looking to start production of an electric pick-up and an SUV this year.
Rivian's filing comes as automakers race for EVs, with China, Europe and other countries and regions mandating lower carbon emissions.
In the United States, electric carmakers like General Motors Co and Ford Motor Co are building stations for EV production while Tesla, Taiwanese contract manufacturer Foxconn and several startups are retrofitting existing plants or expanding them.
Reuters reported earlier in the month that Rivian was in discussions to invest at least $5 billion in a new vehicle plant near Fort Worth, Texas.
A slew of EV startups, including Nikola Corp, Fisker Inc and Lordstown Motors Corp, have decided to go public with special purpose acquisition companies, or SPACs.
The company raised $10.5 billion since the start of 2019 including $2.5 billion in July in a round led by Amazon and Ford.