Electric truck maker Rivian plots Wall St. IPO valuing firm at $70 billion
An Amazon-backed electric-truck start-up is reportedly plotting an IPO later this year which would value the company at around $70bn (£50bn).
California-HQed Rivian has appointed advisers including Goldman Sachs and JP Morgan, according to Bloomberg.
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Despite the valuation, Rivian is yet to roll a single non-prototype car off its production line.
Its debut vehicle, a pickup called the R1T, has been pushed back until July.
However Rivian is still expected to folow that with an SUV and a delivery van before the end of 2021.
Many of the firm’s senior staff are occupied by former Tesla employees. Rivian is seen as the key competitor to Tesla in the electric-car market.
Earlier this year it picked up investment from T.Rowe Price and Amazon which valued the firm at around $25bn.
Uber agreed a deal with British start-up Arrival earlier this year to build electric cars for the transportation company’s continued expansion.
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