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InvestmentsAmazon-backed EV startup Rivian targets over $53 billion valuation in U.S. IPO...

Amazon-backed EV startup Rivian targets over $53 billion valuation in U.S. IPO By Reuters

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© Reuters. FILE PHOTO: Rivian introduces R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake

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(Reuters) -Electric automobile maker Rivian Automotive Inc, which is backed by Amazon.com Inc (NASDAQ:) and Ford Motor (NYSE:) Co, mentioned on Monday it was concentrating on a valuation of greater than $53 billion in its preliminary public providing in the United States.

The firm, which final month disclosed practically $1 billion in losses for the primary half of this yr, mentioned it is going to promote 135 million shares at a value vary of between $57 and $62 every.

At the highest finish of the vary, the IPO will fetch greater than $8 billion.

While the corporate has but to promote any important quantity of its electrical vans or vehicles, a valuation over $50 billion would make Rivian value about $15 billion lower than Ford, which makes about 4 million automobiles a yr.

It would doubtlessly be valued increased than Ferrari (NYSE:), however could be smaller than General Motors (NYSE:) and Honda Motor.

Rivian has been investing closely to ramp up manufacturing, together with for its upscale all-electric R1T pickup truck, which was launched in September beating out competitors from established rivals resembling Tesla (NASDAQ:) Inc, General Motors and Ford.

The startup had about 48,390 pre-orders for its R1T pickup vehicles and R1S SUVs in the United States and Canada as of September.

The firm is at present pursuing a two-track technique: constructing electrical supply vans for Amazon and growing an electrical pickup and SUV model geared toward prosperous people.

Rivian will, nevertheless, face competitors from automakers in each the patron and business van markets.

Ford mentioned final week it has greater than 160,000 orders for its F-150 Lightning electrical pickup truck and that an electrical model of its Transit business van is “completely sold out.”

General Motors is gearing up manufacturing of electrical supply vans, SUVs and pickup vehicles.

Morgan Stanley (NYSE:), Goldman Sachs (NYSE:) and J.P. Morgan are the lead underwriters. Rivian will checklist on the Nasdaq underneath the image “RIVN”.

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