Rivian R1T electrical truck

Source: Rivian

Electric automobile start-up Rivian Automotive is focusing on a valuation of greater than $60 billion in its preliminary public providing, sources acquainted with the matter confirmed to CNBC.

Rivian plans to go public as quickly as subsequent week and the valuation may shift by then, these sources stated. It plans to checklist on the Nasdaq below the ticker image “RIVN,” based on Rivian’s IPO prospectus filed final month.

The valuation would make Rivian the titan amongst a crop of electrical automobile start-ups and just lately public firms from the U.S., together with Fisker, Lordstown Motors, and Lucid, and would put it on par with Chinese electrical automobile maker Nio. It would additionally imply Rivian is simply barely much less invaluable than conventional automotive giants like Ford (which is an investor), GM, and Stellantis (created from the merger of Fiat-Chrysler and PSA).

Rivian is creating business last-mile supply vans for Amazon, which has stated it plans to have 10,000 vans on the highway by 2022 and 100,000 by 2030. It additionally beat Tesla, GM and Ford to the market with an electrical pickup, the R1T, which has acquired early acclaim.

Amazon final week disclosed it has a 20% stake in Rivian, which, mixed with different fairness investments, had a carrying worth of as much as $3.8 billion. Amazon has invested greater than $1.3 billion in Rivian to this point, Rivian stated in a separate securities submitting earlier this month.

Ford holds a roughly 12% stake in Rivian, the sources advised CNBC.

A Rivian spokesperson declined to touch upon the corporate’s anticipated IPO valuation or the worth of Ford’s stake within the start-up.

News of Rivian’s anticipated valuation was beforehand reported by The Wall Street Journal.

WATCH: Amazon reveals it has 20% stake in Rivian


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