Amazon-backed EV maker Rivian plans to build a second factory in the U.S., sources say.

Recently, sources said that Amazon-backed automaker Rivian plans to build a second factory in the United States.

The project is called "Project Tera" and is being pursued by many U.S. states. Rivian will make a formal announcement in the next few months, and construction could begin as soon as next year, according to people familiar with the matter.

Rivian already has its first plant in Normal, Illinois.

Rivian could go public later this year at a possible valuation of more than $50 billion, according to people familiar with the matter. Since 2019, Rivian has raised $8 billion in funding, reaching a valuation of $27.6 billion in January this year.