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Rivian Automotive, an Amazon-backed electrical conveyance startup, said Monday it is targeting a valuation of much than $50 billion.
The California-based institution volition terms shares betwixt $57 and $62, raising up to $9.1 cardinal astatine the midpoint terms and each company stock astatine astir $52.5 billion, according to a securities filing.
US concern media said Rivian could spell nationalist connected Wall Street arsenic soon arsenic adjacent week.
Rivian has raised much than $10 cardinal successful backing since its founding successful 2009, including from Amazon, which has pledged to acquisition 100,000 electrical transportation vans from the startup.
The Amazon bid constitutes "the largest bid of EVs ever" and "supporting a way to c neutral deliveries" for the elephantine retailer, Rivian said successful the filing.
Amazon disclosed past week a involvement of $3.8 cardinal successful preferable banal of Rivian, according to a securities filing.
In summation to the Amazon transportation vehicles, Rivian is producing electrical trucks and athletics inferior vehicles for consumers with prices starting from astir $70,000.
The quality from Rivian comes arsenic governments astir the globe, including successful the United States, marque the improvement of electrical cars a priority, and arsenic the planetary car assemblage accelerates EV production.
The offering besides follows Elon Musk's institution Tesla past week hitting a marketplace valuation of much than $1 trillion.
© 2021 AFP
Citation: Amazon-backed EV startup aims for valuation supra $50 bn (2021, November 2) retrieved 2 November 2021 from https://techxplore.com/news/2021-11-amazon-backed-ev-startup-aims-valuation.html
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