Oct. 12, 2021, 1:43 p.m. EDT

Ford Motor Company (US: F) and Amazon-Backed Rivian Files IPO Paperwork

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/zigman2/quotes/208911460/composite F +5.13%

Oct 12, 2021 (Investor Brand Network via COMTEX) -- Rivian Automotive, the U.S.-based electric truck startup with financial backing from Amazon and American automaker Ford Motor Company , has filed paperwork for an initial public offering ("IPO") on the Nasdaq Stock Market. Formed back in 2009 by CEO RJ Scaringe, an engineering and lean manufacturing MIT grad who prized environment conservation and sustainability, Rivian has been involved in electric vehicle ("EV") technology and autonomous driving for several years. Weeks after Rivian started delivering its first passenger EV, the R1T pickup , it is now looking to become a publicly traded company in the United States.

The Irvine, California-based company has raised more than $10 billion in private funding since 2019, and it has been burning through that cash setting up manufacturing facilities and developing electric cars. E-commerce giant Amazon and American automaker Ford are prominent backers, initially investing millions of dollars in 2019 and leading subsequent funding rounds, including a $2.5 billion…

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COMTEX_395039833/2557/2021-10-12T13:42:40

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/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 20.18
+0.98 +5.13%
Volume: 55.84M
Dec. 1, 2021 11:51a
P/E Ratio
28.07
Dividend Yield
1.97%
Market Cap
$76.69 billion
Rev. per Employee
$683,570
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