Electric-vehicle firm Rivian could seek $70 billion valuation in IPO

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© Reuters. FILE PHOTO: The logo for electric vehicle startup Rivian is seen on the hood of its new R1T all-electric truck in Mill Valley, California, U.S., January 25, 2020. REUTERS/Nathan Frandino

(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:) and Ford Motor (NYSE:) 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:), JPMorgan Chase & Co. (NYSE:), and Morgan Stanley (NYSE:) 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.

JPMorgan Chase declined to respond, while the two other banks and Rivian did not immediately reply to Reuters’ requests for comment.

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

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