The SPAC approach has become common for startup EV automakers because it avoids a traditional IPO process, which is often lengthy and complex. A SPAC agreement is with just one company and the valuation is known in advance. Rivian is unlikely to be taking the SPAC track because it doesn’t need to; it has enough financial strength to pursue a regular IPO.
Before this will happen, deliveries of the Rivian R1T and R1S will get underway in June. The Launch Editions, priced at $75,000 and $77,500, respectively, took only a week to sell out. Last week, the first of 100,000 Amazon delivery vans built by Rivian began making deliveries in Los Angeles.