in

Rivian goals for $60 billion valuation in upcoming IPO

Rivian R1T electrical truck

Supply: Rivian

Electrical automobile start-up Rivian Automotive is focusing on a valuation of greater than $60 billion in its preliminary public providing, sources accustomed to the matter confirmed to CNBC.

Rivian plans to go public as quickly as subsequent week and the valuation might shift by then, these sources stated. It plans to record on the Nasdaq beneath the ticker image “RIVN,” in line with Rivian’s IPO prospectus filed final month.

The valuation would make Rivian the titan amongst a crop of electrical automobile start-ups and not too long ago public corporations from the U.S., together with Fisker, Lordstown Motors, and Lucid, and would put it on par with Chinese language electrical automobile maker Nio. It will additionally imply Rivian is simply barely much less useful than conventional automotive giants like Ford (which is an investor), GM, and Stellantis (created from the merger of Fiat-Chrysler and PSA).

Rivian is growing industrial last-mile supply vans for Amazon, which has stated it plans to have 10,000 vans on the highway by 2022 and 100,000 by 2030. It additionally beat Tesla, GM and Ford to the market with an electrical pickup, the R1T, which has acquired early acclaim.

Amazon final week disclosed it has a 20% stake in Rivian, which, mixed with different fairness investments, had a carrying worth of as much as $3.8 billion. Amazon has invested greater than $1.3 billion in Rivian up to now, Rivian stated in a separate securities submitting earlier this month.

Ford holds a roughly 12% stake in Rivian, the sources informed CNBC.

A Rivian spokesperson declined to touch upon the corporate’s anticipated IPO valuation or the worth of Ford’s stake within the start-up.

Information of Rivian’s anticipated valuation was beforehand reported by The Wall Avenue Journal.

WATCH: Amazon reveals it has 20% stake in Rivian

Written by News Desk

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Supreme Court docket conservatives sound skeptical about components of Texas abortion regulation

Fb whistleblower Haugen says Zuckerberg ought to step down as CEO