Amazon-backed Rivian seeks $70-80 bln valuation in IPO - source
The Peninsula
Amazon.com Inc-backed electric vehicle company Rivian is seeking a valuation of around $70-80 billion in its initial public offering, a source familiar with the matter told Reuters on Friday.
Rivian confidentially submitted plans to U.S. regulators for an IPO, the company said in a statement. The company, which aims to compete with Tesla Inc, is looking to start production of an electric pick-up and an SUV this year.
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