Rivian Automotive Inc., the EV startup backed by Amazon.com Inc., has selected underwriters for an initial public offering that could come later this year, people familiar with the matter told Bloomberg.
Rivian is working with advisers including Goldman Sachs Group Inc. JPMorgan Chase & Co., and Morgan Stanley, said the people, who asked to not be identified because the matter isn’t public.
Irvine, Calif.-based Rivian could seek a value of about $70 billion when it goes public, according to the people. Bloomberg News previously reported it could seek a valuation of about $50 billion.
No final decision has been made and the details of its potential listing could change, the people said.
Representatives for JPMorgan Chase and Morgan Stanley declined to comment. A representative for Goldman Sachs didn’t immediately respond to a request for comment.
Rivian was worth $27.6 billion when it announced in January that it had raised $2.65 billion from backers including T. Rowe Price Group Inc., Fidelity Investments and Amazon, Bloomberg News reported at the time.
Rivian is among several EV startups trying to bring new vehicles to market and take on industry leader Tesla Inc. Rivian is aiming to make tens of thousands of vehicles in its Illinois plant over the course of the next year, even as it potentially goes public.
On Thursday, Rivian said delivery of its debut vehicle — a battery-electric pickup called R1T — would be delayed to July from June.
The delay is the result of a few issues such as the global semiconductor chip shortage, delays on shipping containers and difficulties in setting up vehicle servicing, the company told Automotive News. Rivian overall has not faced some of the more significant chip-related disruptions that have beset the global auto industry.
The company has experienced delays in receiving parts from suppliers due to backlogs at U.S. ports that are affecting the entire auto industry, according to people familiar with the matter. The later date also gives the company more time to iron out details and logistics for its first deliveries to customers, one of the people added.
Automotive News contributed to this report.