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Amazon-backed electric vehicle maker announces IPO

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Rivian Automotive, the Amazon-backed manufacturer of electric trucks and utility vehicles, said it had filed for a stock market listing as it prepares to ramp up production and delivery. The California-based firm said it had filed confidentially for an initial public offering, under a provision allowing it to keep its financial data private.


The size and price range for the offering was not disclosed. Rivian has raised more than $10 billion in funding since its founding in 2009, including from Amazon, which has pledged to purchase 100,000 electric delivery vans from the startup. Its valuation was pegged at $26.7 billion earlier this year. In addition to the Amazon delivery vehicles, Rivian is producing electric trucks and sport utility vehicles for consumers with prices starting from around $70,000. - AFP


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