Rivian, the Irvine based electric car manufacturing firm could target a valuation of 70 in its upcoming public listing billion

(Reuters) -Electric-truck startup Rivian Automotive Inc could target a valuation of about $70 billion in its potential public listing later this year, Bloomberg news reported on Friday.

Amazon.com Inc (NASDAQ:AMZN) and Ford Motor (NYSE:F) Co-backed Rivian had a valuation of $27.6 billion, Reuters reported in January, after a $2.65-billion investment round led by T. Rowe Price.

Rivian is working with advisers including Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), and Morgan Stanley (NYSE:MS) on an initial public offering, Bloomberg news reported https://www.bloomberg.com/news/articles/2021-05-28/electric-truck-maker-rivian-is-said-to-select-ipo-underwriters, citing people familiar with the matter.

The news outlet in February reported the company could seek a valuation of about $50 billion.

Rivian, JPMorgan Chase and Morgan Stanley declined to comment on Bloomberg News’ Friday report, and Goldman Sachs did not respond to Reuters’ request for comment.

Rivian, which aims to compete with Tesla (NASDAQ:TSLA) Inc, targets to start production of an electric-pickup and SUV this year.

 

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