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By Ishika Dangayach, 2:30 PM ET
Amazon-backed Rivian, an electric car manufacturer, saidthat it has submitted a confidentially draft registration form to authorities for an initial public offering (IPO).
Rivian, whose key investors include Amazon.com Inc, SorosFund Management, and BlackRock Inc, will seek a valuation of approximately $70-80billion in its IPO, sources told Reuters.
The startup is one of the most well-funded in the UnitedStates. It has raised $10.5 billion since the beginning of 2019, including $2.5billion in a round funded by Amazon and Ford Motor Company in July.
Reuters reported earlier this month that Rivian was in talksto invest at least $5 billion in a new car facility near Fort Worth, Texas.
Rivian is now pursuing a two-track strategy: manufacturingelectric delivery vans for Amazon and establishing an electric pickup and SUVbrand aimed at affluent consumers
Amazon has placed an order for 100,000 electric vehicles with the firm in 2019. The first Amazon vehicles would go into production inlate 2021 at Rivian's facility in Normal, Illinois, with all deliveriesfinished by 2024.
R.J. Scaringe, founder and CEO stated thatthe identical goods will be followed by smaller variants in China and Europe.
With inputs from Reuters