Rivian could seek $70 billion valuation in IPO

Electric-truck startup Rivian Automotive Inc could target a valuation of about $70 billion in its potential public listing later this year.

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.

The news outlet in February reported the company could seek a valuation of about $50 billion.

Rivian, which aims to compete with Tesla Inc, targets to start production of an electric-pickup and SUV this year.

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