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The little-known marque – which currently builds two electric off-roaders, and will supply vans for Amazon – is projecting the seventh biggest IPO on record, and a valuation in excess of $US70 billion ($AU95 billion).
Little-known electric vehicle start-up Rivian is preparing to go public tonight – and, the marque thinks it could be more valuable than established automotive giants BMW, Hyundai, Kia, and Ferrari.
The manufacturer – which is floating on the NASDAQ under the symbol RIVN – is looking to raise $US10 billion ($AU14 billion) through the sale of 135 million shares.
With stock priced between $US72 ($AU97) and $US78 ($AU106) each, a valuation comfortably in excess of $US70 billion ($AU95 billion) is predicted.
For reference, by the same metric Mazda is worth $US5.6 billion ($AU7.6 billion), Kia is worth $US29.6 billion ($AU40 billion), Hyundai is worth $US41.9 billion ($AU55 billion), and Honda is worth $US50 billion ($AU68 billion).
According to Automotive News, if above targets are achieved the Initial Public Offering (IPO) could be the seventh biggest on record.
Earlier this year fellow US electric vehicle start-up Lucid Motors similarly went public, and is now valued at $US72.2 billion ($AU98 billion).
Tesla – the world’s largest electric car maker – is the world’s most valuable automotive company, and the eighth most valuable company outright. Its current market capitalisation sits at $US1.01 trillion ($AU1.4 trillion).
He has maintained a primary focus on industry trends, autonomous technology, electric vehicle regulations, and local environmental policy.
As the newest addition to the Drive team, William was brought onboard for his attention to detail, writing skills, and strong work ethic.
Despite writing for a diverse range of outlets – including the Australian Financial Review, Robb Report, and Property Observer – since completing his media degree at Macquarie University, William has always had a passion for cars.
Read more about William Davis
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