Rivian files to go public

Rivian, a promising and well-funded electrictruck maker, plans to sell shares through an initial public offering as the company prepares to deliver its first electric pickups to customers.

The company, which has raised more than $10 billion from investors that include Amazon and Ford Motor, is building an electric pickup and sport utility vehicle at a former Mitsubishi plant in Illinois. Its founder, R.J. Scaringe, told customers last month that he expected the truck to ship in September and the SUV to follow soon after. The company is also developing delivery vans for Amazon.

Rivian is aiming to list its shares at a valuation of roughly $70 billion, a person familiar with the matter told the New York Times. That would be higher than the market capitalization of Ford, making the company one of the most valuable automakers in the world.

Auto analysts consider Rivian one of the most viable electric vehicle startups in what is expected to be a very competitive market. In addition to Tesla, large automakers such as GM, Volkswagen and Ford plan to introduce dozens of electric vehicles in the coming years.

“It’s an EV juggernaut — it has the pedigree with Amazon, Ford and a who’s who of backers,” said Dan Ives, managing director of equity research at Wedbush Securities. “Investors have been waiting for the day where a Rivian would go public.”

Rivian is also planning to expand a network of charging sites and service centers.