Electric vehicle maker Rivian is looking at locations in Europe to build a new factory to produce delivery vans, according to a media report.
The factory will produce the vans first for Amazon (AMZN) - Get Report before shifting production to Rivian customers, Bloomberg reported Wednesday.
No site has been chosen yet, but the U.K., Germany and Hungary are all in the running, according to the report.
Rivian is looking to go public as soon as September at a valuation of about $50 billion or more, Bloomberg reported earlier Wednesday, citing people familiar with the matter.
Rivian, which is backed by Amazon.com and Ford (F) - Get Report, has been speaking to bankers about its plans, a source told Bloomberg.
The company’s timeline for an initial public offering could change, however, and a listing might happen later in 2021 or even in 2022, the people said.
The startup, which is seen as a potential competitor to Tesla (TSLA) - Get Report, has raised more than $8 billion to date from investors, Bloomberg noted.
Earlier this month, Amazon began testing a fleet of Rivian electric-powered vans in Los Angeles, about a year after the company bought 100,000 of the custom delivery vehicles.
The vans have started making deliveries in different parts of L.A., and the Seattle tech and online retail giant says customers will start seeing the vehicles in up to 15 additional cities in 2021. Amazon plans to have tens of thousands of such vehicles on the road over the next few years.
"We're loving the enthusiasm from customers so far -- from the photos we see online to the car fans who stop our drivers for a first-hand look at the vehicle," said Ross Rachey, director of Amazon's Global Fleet and Products, in a blog post on the company website.
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February 11, 2021 at 04:00AM
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Rivian Looking at Sites for European Van Factory - TheStreet
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