Rivian AutomotiveIt will debut its stock on Wednesday in what is expected to be the largest IPO of the year.

Electric vehicle producer on Tuesday priced its stockRivian is expected to rise about $11.9 billion above its current range of $78 per share. Rivian, at this offer price, is valued at $66.5 million, which makes it less valuable than other automotive giants. GM Ford

Under the symbol RIVN, the stock will trade on Nasdaq.

Rivian is back by AmazonFord and Ford have attracted intense investor interest to capitalize on the rapidly-growing EV market.

AmazonRivian owns a 20% share. Before its IPO, it invested $1.3B in the new automaker. FordRivian’s shares are held by Cox Automotive as well as Cox Automotive.

Ford executives are describing their Rivian partnership as strategic investments, but the Lincoln division of the company had originally planned to make electric cars with the start-up. The emerging pandemic forced the abandonment of those plans.

Amazon revealed that its vehicle fleet will soon be converted to renewable energy vehicles in 2019. purchasing thousands of vehiclesRivian. Amazon owns some of the exclusive rights to Rivian’s electric delivery vehicles. These filings are more recent.

Rivian will deliver the 100,000 Amazon vehicles by 2030. They plan to put 10,000 Rivian-Amazon vehicles on the roads by next year.

Rivian is also known for its fleet business. Tesla GM and Ford to the market with a fully electric pickup, the R1T. It plans to launch a seven-passenger battery-electric SUV, the R1S, in December, according to an October prospectus.

Rivian CEO RJ Scaringe, who has a Ph.D. from the Sloan Automotive Laboratory at the Massachusetts Institute of Technology, founded Rivian in 2009. The company’s headquarters is in Irvine, California, it has a vehicle assembly plant in Normal, Illinois.

It claims that its Illinois plant can make up to 150,000 cars per year. Rivian stated in financial filings that 65,000 vehicles should be R1 pickup trucks or SUVs and 85,000 RCV commercial delivery vans.

Rivian, however, is still an upstart and has not yet started to generate real income. Rivian stated in the firm’s prospectus that it will lose up to $1.28 billion in the third quarter, while revenue will range from zero to $1 million.

Also, it hasn’t made its electric vehicles yet in high quantities. It is not yet clear how fast it will ramp up production given the port restrictions and global chip shortages that plagued automakers this past year.

Rivian stated in an amendment of its S-1 filing, that Rivian has a backlog for pre-orders of 55.400 R1T or R1S vehicles from North American customers and intends to deliver them by 2023. 

Rivian might be eligible for $7.5 million in federal grants that will help to establish a nationwide network of electric vehicle charging station networks. President Joe Biden has yet to sign the new legislation. Scaringe stated that Rivian cars are best for those who love adventure and the great outdoors. Accordingly, they are placing charging stations in remote destinations such as national or state parks.

Rivian had 6274 employees by June 2012’s end.

A former executive recently sued RivianThe company was accused of having a toxic culture, wrongly terminating her employment and costing her unvested equity in the days leading up to the company’s IPO.

Laura Schwab who was previously the U.S. head of Aston Martin’s American operations also filed a lawsuit claiming that Rivian dismissed her concerns about the business and its ability to fulfill its promises to investors.

WATCH: EV maker Rivian prices IPO above expected range ahead of IPO