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
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 and Ford Motor 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, JPMorgan Chase & Co., and Morgan Stanley on an initial public offering, Bloomberg news , citing people familiar with the matter.
The news outlet in February reported the company could seek a valuation of about $50 billion.
Rivian, JPMorgan Chase andMorgan Stanley declined to comment on Bloomberg News’ Friday report, andGoldman Sachs did not respond to Reuters’ request for comment.
Rivian, which aims to compete with Tesla Inc , targets to start production of an electric-pickup and SUV this year.
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