Rivian seeks IPO that would Make it More Valuable than Ford or GM
Go figure. The magical of Wall Street that makes Tesla the most valuable vehicle manufacture in the world, even though if produces only a fraction of the number of vehicles of Toyota, VW, GM or Ford, appears to be at work again.
"Rivian, an electric vehicle startup with a big footprint in Plymouth Township west of Detroit and backed by Amazon, Ford, and other deep-pocketed investors, announced Friday that it has confidentially filed to become a publicly traded company.
"The proposed offering's size and price range is still to be determined, although Bloomberg reported the company is eying an $80 billion valuation. Such a valuation would make Rivian one of Michigan's most valuable companies. By comparison, General Motors has a $72 billion market capitalization and Ford Motor Co.'s market cap is $53 billion.
https://freep-mi.newsmemory.com?publ...8f9cfd_1345eb0
The company has yet to ship any vehicles to general consumers but it does have a standing order of 100,000 delivery trucks from Amazon.