Rivian R1T electrical truck
Supply: Rivian
Electrical automobile start-up Rivian Automotive is concentrating 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 may shift by then, these sources mentioned. It plans to checklist on the Nasdaq below the ticker image “RIVN,” in accordance with Rivian’s IPO prospectus filed last month.
The valuation would make Rivian the titan amongst a crop of electrical automobile start-ups and just lately 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 just barely much less worthwhile than conventional automotive giants like Ford (which is an investor), GM, and Stellantis (created from the merger of Fiat-Chrysler and PSA).
Rivian is creating industrial last-mile supply vans for Amazon, which has mentioned it plans to have 10,000 vans on the street 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 obtained early acclaim.
Amazon last 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 thus far, Rivian mentioned in a separate securities submitting earlier this month.
Ford holds a roughly 12% stake in Rivian, the sources advised 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 Street Journal.
