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 (AMZN.O) and Ford Motor Co (F.N)-backed Rivian had a valuation of $27.6 billion, 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. read more
Rivian, which aims to compete with Tesla Inc (TSLA.O), targets to start production of an electric-pickup and SUV this year.