Rivian Files to Go Public, As Its Electric Trucks Prepare to Ship

Sarah Favot

Favot is an award-winning journalist and adjunct instructor at USC's Annenberg School for Communication and Journalism. She previously was an investigative and data reporter at national education news site The 74 and local news site LA School Report. She's also worked at the Los Angeles Daily News. She was a Livingston Award finalist in 2011 and holds a Master's degree in journalism from Boston University and BA from the University of Windsor in Ontario, Canada.

Rivian Files to Go Public, As Its Electric Trucks Prepare to Ship

Irvine-based electric vehicle startup Rivian announced Friday it filed to go public through an initial public offering.

The company provided limited details, saying it has submitted a draft S-1 to the Securities and Exchange Commission, but the "size and price range for the proposed offering have yet to be determined."

Bloomberg reported the automaker is seeking a roughly $80 billion valuation, citing sources familiar with the matter.

Rivian is seen as one of the more promising EV startups as it is backed by Amazon and Ford and has raised $10.5 billion from investors. It has reportedly received thousands of orders for its R1T pickup truck and R1S SUV.

Competition in the EV market is heating up, with a potential to challenge Tesla's spot as the leading EV maker in the U.S.

In addition to startups like Rivian and Canoo, legacy automakers like General Motors, Ford and Volkswagen plan to churn out dozens of electric vehicles within the next few years. GM has said it wants to end the production of gasoline-powered vehicles by 2035, transitioning its entire lineup to electric models.

The market for electric pickup trucks may be especially fierce.

Ford unveiled its electric version of the F-150 pickup, the most popular vehicle in the U.S., to great fanfare that included a visit from President Joe Biden, who took one for a spin at Ford's Detroit-area test course. GM's electric GMC Hummer pickup truck is set to be released by the end of the year. And Torrance-based Canoo released images of its electric pickup, planned to go into production in 2023.

After supply chain disruptions and parts shortages brought about by the COVID-19 pandemic caused delays, Rivian said shipments of its electric pickup are expected to begin next month.

The design of Tesla's Cybertruck, introduced two years ago, has received mixed reviews, but yielded $80 million in preorders. Tesla plans to begin production in 2022.

The push for EVs is also coming from government mandates.

Biden announced this month that he aims to have half of all new cars sold in the U.S. to be zero-emission by 2030. California Gov. Gavin Newsom signed an executive order that all new vehicles sold in California be electric by 2035. Massachusetts Gov. Charlie Baker issued a directive similar to California's.

Rivian's trucks and SUVs are being manufactured at its factory, a former Mitsubishi plant, in Illinois.

Reuters reported last month that Rivian plans to build a second manufacturing facility, though a location has not yet been determined.

In addition to the trucks and SUVs, Rivian is also building delivery vans for Amazon, expecting to produce 100,000 vehicles by 2030, with the first 10,000 hitting the road by the end of 2022.

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A New Tide of LA Startups Is Tackling the National Childcare Crisis

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

A New Tide of LA Startups Is Tackling the National Childcare Crisis
Courtesy of Brella

The pandemic exacerbated a problem that has been long bubbling in the U.S.: the childcare crisis.

According to a survey of people in science, technology, engineering and mathematics (STEM) careers conducted by the city’s WiSTEM Los Angeles program and shared exclusively with dot.LA, the pandemic exposed a slew of challenges across STEM fields. The survey—which consisted of 181 respondents from L.A.County and was conducted between March 2021 and 2022— involved respondents across medical fields, technical professions and science industries who shared the pandemic’s effects on their professional or education careers.

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MaC Venture Capital Raises $203M for Its Second Fund

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

MaC Venture Capital Raises $203M for Its Second Fund
Courtesy of MaC Venture Capital

While venture capital funding has taken a hit this year, that hasn’t stopped MaC Venture Capital from raising $203 million for its second fund.

The Los Angeles-based, Black-led VC firm said Monday that it had surpassed its initial $200 million goal for the fund, which dot.LA reported in January, over the span of seven months. MaC said it expects to invest the capital in up to 50 mostly seed-stage startups while remaining “sector-agnostic.”

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