This may have been the month of the Ford F-150 Lightning, but the Blue Oval's other all-electric truck investment project remains firmly in the spotlight. Despite yet another launch delay for the Rivian R1T and R1S, the company is reportedly planning an IPO. According to Bloomberg, Rivian is targeting a $70 billion evaluation when it goes public later this year.
In 2019, Ford announced it was making a $500 million investment in Rivian not long after Amazon pumped $700 million into EV start-up. Rivian's upcoming IPO is sure to reap major financial rewards for both companies. Only last January, Rivian was valued at $27.6 billion following yet another investment round led by T. Rowe Price.
The fact that Rivian is aiming for an evaluation of almost three times that amount is extraordinary, and all the more so for a company only founded in 2009. In February, there were reports Rivian could seek a $50 billion valuation, up from $25 billion in January. What's changed since then is that Rivian is on the brink of getting its truck and SUV into customers' driveways (despite the delay) and that more automakers are beginning to announce precise plans to go all-electric and/or dramatically reduce combustion-engined vehicles.
Hyundai Motor Group, for example, will no longer develop new gasoline engines and aims to halve its fossil fuel-producing passenger vehicle lineup in the very near future.
Rivian also continues to expand its list of "lifestyle" products and accessories, such as roof- and bed-mounted tents, surfboard and bicycle mounts, and various charging-related equipment. The Rivian Adventure Network, a series of DC fast-charging locations strategically located near outdoor destinations throughout the US, is currently in progress as well. Like Tesla, Rivian is creating its own brand identity and culture that will help ensure owners don't jump ship to a rival and, equally important, lure millions of more customers.
Rivian has so far refused to comment on reports regarding an IPO, but chances are it'll go public some time by the end of the year.