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.