Rivian Automotive Inc., the EV startup backed by Amazon.com Inc., has chosen underwriters for an preliminary public providing that might come later this yr, individuals acquainted with the matter instructed Bloomberg.

Rivian is working with advisers together with Goldman Sachs Group Inc. JPMorgan Chase & Co., and Morgan Stanley, mentioned the individuals, who requested to not be recognized as a result of the matter isn’t public.

Irvine, Calif.-based Rivian might search a worth of about $70 billion when it goes public, in line with the individuals. Bloomberg Information beforehand reported it might search a valuation of about $50 billion.

No remaining resolution has been made and the main points of its potential itemizing might change, the individuals mentioned.

Representatives for JPMorgan Chase and Morgan Stanley declined to remark. A consultant for Goldman Sachs didn’t instantly reply to a request for remark.

Rivian was price $27.6 billion when it introduced in January that it had raised $2.65 billion from backers together with T. Rowe Worth Group Inc., Constancy Investments and Amazon, Bloomberg Information reported on the time.

Rivian is amongst a number of EV startups attempting to carry new autos to market and tackle business chief Tesla Inc. Rivian is aiming to make tens of hundreds of autos in its Illinois plant over the course of the subsequent yr, even because it doubtlessly goes public.

On Thursday, Rivian mentioned supply of its debut car — a battery-electric pickup known as R1T — would be delayed to July from June.

The delay is the results of a couple of points resembling the worldwide semiconductor chip scarcity, delays on delivery containers and difficulties in organising car servicing, the corporate instructed Automotive Information. Rivian total has not confronted among the extra vital chip-related disruptions which have beset the worldwide auto business.

The corporate has skilled delays in receiving elements from suppliers attributable to backlogs at U.S. ports which can be affecting the whole auto business, in line with individuals acquainted with the matter. The later date additionally offers the corporate extra time to iron out particulars and logistics for its first deliveries to clients, one of many individuals added.

Automotive Information contributed to this report.