The company expects the IPO to go ahead sometime in late November, upon receiving approval from the SEC.

Rivian Automotive – the Amazon and Ford-backed electric pickup truck maker, is said to have filed for an IPO (Initial Public Offering). According to reports, the California-based start-up is targeting an impressive US$ 80 billion (Rs. 5,84,712.8 crore) valuation.

Rivian is said to have confidentially filed the S-1 form with the SEC (Securities & Exchange Commission). The company expects the IPO to go ahead sometime in late November, upon receiving approval from the SEC.

Rivian, however, is yet to launch a vehicle in the market. Although the company began taking reservations for its R1T electric trucks, they have been facing multiple delays in production. The Rivian R1T electric truck was first showcased at the 2018 Los Angeles Auto Show and is said to be a direct rival to the Tesla Cybertruck.

The company also announced the R1S – an electric SUV, which will be the second model from the brand.

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