Active Stocks
Mon Apr 15 2024 14:34:05
  1. Tata Steel share price
  2. 161.20 -1.41%
  1. ITC share price
  2. 426.80 -0.77%
  1. Wipro share price
  2. 459.80 -2.36%
  1. Infosys share price
  2. 1,466.55 -1.25%
  1. State Bank Of India share price
  2. 759.70 -0.92%
Business News/ Auto News / Amazon-backed EV startup Rivian Automotive aims for valuation above $50 billion
BackBack

Amazon-backed EV startup Rivian Automotive aims for valuation above $50 billion

The news from Rivian comes as governments around the globe, including in the United States, make the development of electric cars a priority, and as the global auto sector accelerates EV production

This photo from Rivian shows the 2022 Rivian R1S. The R1S is an electric midsize SUV and of two new electric vehicles from startup American electric vehicle manufacturer. (AP)Premium
This photo from Rivian shows the 2022 Rivian R1S. The R1S is an electric midsize SUV and of two new electric vehicles from startup American electric vehicle manufacturer. (AP)

Rivian Automotive, an Amazon-backed electric vehicle startup, said Monday it is targeting a valuation of more than $50 billion.

The California-based company will price shares between $57 and $62, raising up to $9.1 billion at the midpoint price and all company stock at about $52.5 billion, according to a securities filing.

US business media said Rivian could go public on Wall Street as soon as next week.

Rivian has raised more than $10 billion in funding since its founding in 2009, including from Amazon, which has pledged to purchase 100,000 electric delivery vans from the startup.

The Amazon order constitutes "the largest order of EVs ever" and "supporting a path to carbon neutral deliveries" for the giant retailer, Rivian said in the filing.

Amazon disclosed last week a stake of $3.8 billion in preferable stock of Rivian, according to a securities filing.

In addition to the Amazon delivery vehicles, Rivian is producing electric trucks and sport utility vehicles for consumers with prices starting from around $70,000.

The news from Rivian comes as governments around the globe, including in the United States, make the development of electric cars a priority, and as the global auto sector accelerates EV production.

The offering also follows Elon Musk's company Tesla last week hitting a market valuation of more than $1 trillion.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 02 Nov 2021, 05:44 AM IST
Next Story footLogo
Recommended For You
Petrochemical Stocks
₹9,070.7-0.35%
₹4,442.35-1.2%
₹2,070.150.44%
₹12,274.61.47%
₹1,018.35-1.51%
Switch to the Mint app for fast and personalized news - Get App