Amazon.com Inc-backed electric vehicle maker Rivian is seeking a valuation of around $70-80 billion at the time of its IPO, a source familiar with the matter told Reuters.

Rivian said on Friday it had confidentially submitted plans to regulators for a U.S. initial public offering (IPO).

The company, which aims to compete with Tesla Inc, is looking to start production of an electric-pickup and SUV this year. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty)