Amazon Backed Electric Car Company Seeking $60 Billion IPO

Electric car startup, Rivian Automotive, is targeting a valuation of around $60 billion in its initial public offering set for next week, multiple sources reported.

The startup plans to sell 135 million shares between $57 and $62 per share, the company announced in its amended prospectus on Monday. Shares will start trading on the Nasdaq exchange next week under the ticker symbol RIVN.

Rivian, a private company based out of Irvine, California, received around $10.5 billion since 2019, according to the WSJ. Investors include Cox Enterprise, Ford Motor Co. and Amazon, which holds a 20% stake.

Rivian was valued at more than $27 billion in January, according to the WSJ. The new, high-end valuation of $60 billion would make the startup more valuable than Honda Motor Co., valued at roughly $53 billion.

The reported valuation would make Rivian a giant among other electric vehicle startups and recent publicly traded companies in the U.S. like Fisker, Lordstown Motors and Lucid, CNBC reported. The valuation would also put the start-up in the same ballpark as Ford, Stellantis and General Motors.

Rivian is developing electric delivery vans for Amazon, which plans to have 10,000 vehicles on the road by 2022 and 100,000 by 2030, according to CNBC. Rivian also beat Tesla and GM to market by developing its electric pickup truck, the R1T.

Electric vehicle sales more than doubled in September from the previous year, accounting for 9% of total vehicles sold, the WSJ reported.

Rivian did not immediately respond to the Daily Caller News Foundation’s request for comment.