Rivian Automotive is a California-based electric-vehicle manufacturer known for its pickup trucks and SUVs.
And with the company on the verge of going public, it’s also gaining traction as a major up-and-coming competitor to EV giant Tesla (TSLA).
Earlier this month, Rivian filed to go public with the Securities and Exchange Commission (SEC). While the EV automaker has yet to publicly provide a valuation, reports suggest the company’s value could be around $80 billion.
That would make Rivian’s market capitalization greater than General Motors (GM), which currently has a market cap of $74 billion.
But Rivian isn’t competing with industry stalwarts such as Ford Motor (F) and GM, as Ford is a major backer of the company. Rather, the EV maker is hoping to take on Tesla with its R1T and R1S pickup trucks and SUVs, which reportedly boast a range of roughly 300 miles when fully charged.
This has helped the EV manufacturer gain the attention of other notable investors as well. In its most recent funding round, Rivian raised $2.5 billion from Amazon (AMZN) and T. Rowe Price (TROW), with Amazon having already ordered 100,000 vehicles for delivery by the end of 2030.
So, while Rivian has a long way to go to topple Tesla’s massive market cap of $752.75 billion, the fact that companies like Ford and Amazon have invested in Rivian bodes well for its IPO. And if Rivian can do with trucks what Tesla did with EV sedans, its potential growth may present a solid opportunity for investors.
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