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Amazon.com, Inc (AMZN)-backed Rivian Automotive Inc has selected underwriters for an initial public offering, Bloomberg reports. 

What Happened

The California-based automaker Rivian Automotive Inc, which is also backed by Ford Motor Company (F), could seek a valuation of about $70 billion when it goes public, people familiar with the matter told Bloomberg.

Rivian is reportedly working with advisers including Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM), and Morgan Stanley (MS). According to Bloomberg's sources, no final decision has been made and the details of its potential listing could change.

Why It Matters

Tesla Inc (TSLA) rival Rivian was worth $27.6 billion in January when it raised $2.65 billion from T Rowe Price Group Inc. (TROW), Amazon, and Fidelity Investments. The company aims to produce tens of thousands of vehicles at its Illinois plant over the next year. In the recent past, the company has reportedly experienced delays in receiving parts due to backlogs at U.S. ports.

Multiple EV companies have gone public of late through mergers with special purpose acquisition companies. In February, the fuel cell truck startup Hyzon Motors announced a merger with Decarbonization Plus Acquisition Corporation (DCRB).

Last year, Nikola Corporation (NKLA) merged with VectoIQ in a SPAC deal that raised more than $700 million. California-based Lucid Motors is rumored to be exploring a merger with Churchill Capital Corp IV (CCIV).