An Amazon-backed electric truck start-up is reportedly planning an IPO later this year that would value the company at around $ 70 billion (£ 50 billion).
According to Bloomberg, California-based Rivian has appointed advisors such as Goldman Sachs and JP Morgan.
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Despite the rating, Rivian has yet to roll off a single car without a prototype.
Its debut vehicle, a pickup called the R1T, was postponed to July.
However, Rivian is expected to follow suit before the end of 2021 with an SUV and delivery van.
Many of the company’s senior executives are held by former Tesla employees. Rivian is Tesla’s main competitor in the electric car market.
Earlier this year, it picked up investments from T. Rowe Price and Amazon, which valued the company at around $ 25 billion.
Uber signed a deal with UK start-up Arrival earlier this year to build electric cars for the transportation company’s further expansion.
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