Rivian, an electric vehicle maker with big name backing, has filed for an initial public offering seeking an $80 billion valuation according to a published report Friday.
The company, which has received support from Amazon.com (AMZN) - Get Amazon.com, Inc. Report and Ford (F) - Get Ford Motor Company Report, is targeting a market debut in late November, Bloomberg reported, citing people familiar with the matter.
Rivian has yet to deliver any vehicles, but it has raised $10.5 billion in funding, and has an order from Amazon for as many as 100,000 electric delivery vehicles within 10 years, including 10,000 by the end of 2022. The company also has several thousand reservations for its truck and sport utility models, which feature ranges up to 400 miles. But supply constraints and production issues have forced repeated delays to its vehicle launches.
Goldman Sachs, JPMorgan Chase & Co. and Morgan Stanley are acting as advisers to Rivian, Bloomberg reported earlier this year.
In addition to Amazon and Ford, Rivian has won support from T. Rowe Price, BlackRock, Fidelity, and Soros Fund Management, among others, according to Bloomberg.
The electric vehicle space continues to see accelerated development as legacy automakers play catch up with Elon Musk’s Tesla (TSLA) - Get Tesla Inc Report. Earlier this week, Ford announced plans for an $11 billion development of battery factories in in Kentucky and Tennessee.
Ford has received strong interest in an electric version of its iconic F-150 pickup truck and an electrified version of its Mustang sports car.
Meanwhile, Tesla is racing ahead with construction of production plants in Germany and Texas in addition to its existing facilities in California, Nevada and near Shanghai, China.
Shares of Amazon edged lower in after-hours trading Friday. The stock fell $1.46, or 0.04%, to $3,281.80. Ford shares gained 12 cents, or 0.85% to $14.28.
(Editor's note: This story has been updated to reflect that Ford announced plans for battery making factories, not GM)