Burgeoning electric ute-maker Rivian, which has Australia on its radar, plans to raise up to $8.4 billion after costs in its imminent IPO, giving it a calculated market value up to $53 billion ($A71b).

    The US electric vehicle (EV) startup currently produces the R1T electric ute and will soon introduce its R1S electric SUV, and counts Amazon and Ford as key backers.

    The company said it plans to offer 155,250,000 shares at between $57 ($A76.60) to $62 (A$83.40) per share.

    As Bloomberg writes, accounting for employee stock options and restricted stock units, the company’s fully diluted value would be closer to $60 billion ($A81b).

    At this stage, Rivian plans to go public as soon as next week, according to a source “familiar with the matter” who spoke to CNBC.

    The company will be listed as the symbol ‘RIVN’ on the Nasdaq stock exchange.

    MORE: Tesla valued at $1 trillion, selling 100,000 electric cars to Hertz

    This predicted valuation will put Rivian ahead of its public EV start-ups including Lucid, Fisker and Lordstown Motors.

    It also puts it within the same ballpark as automakers such as Ford (a key Rivian backer alongside Amazon), General Motors and Stellantis.

    A source told CNBC that Ford currently holds a roughly 12 per cent stake in Rivian.

    Amazon also said it has a 20 per cent stake in the company and has contracted Rivian to produce 100,000 electric commercial delivery vans.

    Deep within the IPO filing, Rivian disclosed that it plans to produce and deliver 10 of these vans by the end of 2021.

    Rivian also said by the end of October 2021 it produced 180 R1T all-electric utes and delivered 156 of them.

    It also plans to launch and commence deliveries of its R1S all-electric SUV counterpart in December 2021.

    The company’s factory in Normal, Illinois, previously owned by Mitsubishi, can currently build up to 150,000 vehicles per year, with Rivian planning to expand capacity to 200,000 per year by 2023.

    The first mass-produced R1T electric ute rolled off the production line in September 2021.

    A rival to the Tesla Cybertruck, GMC Hummer EV and Ford F-150 Lightning EV, it’s available with a choice of three different battery packs.

    These capacities are 105kWh, 135kWh and 180kWh, with the 105kWh battery in the R1T claiming to do the 60mph sprint in 4.9 seconds. Total power and torque are 300kW and 560Nm, respectively.

    The quickest Rivian will be the R1T equipped with the 135kWh battery. It’ll hit 60mph in 3 seconds, and produce 562kW and 1120Nm.

    Both R1T and R1S models are able to wade through water up to 1m deep, while the R1T has a payload of 800kg and a 5000kg trailer weight rating.

    The company has yet to announce plans to enter the Australian market.

    MORE: Rivian confirms pre-orders, finances in IPO filing

    Jack Quick

    Jack Quick is an automotive journalist based in Melbourne. Jack studied journalism and photography at Deakin University in Burwood, and previously represented the university in dance nationally. In his spare time, he loves to pump Charli XCX and play a bit of Grand Theft Auto. He’s also the proud owner of a blue, manual 2020 Suzuki Jimny.

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