The best-funded electric vehicle startup in U.S. history is moving ahead with plans to go public
. The startup has raised at least $11.5 billion since 2017, more than any new vehicle company in U.S. history, backed by companies including Amazon, Ford, Fidelity and Cox Automotive. Its valuation is currently estimated to be at least $70 billion by Pitchbook, ahead of the start of production.Rivian will compete head-to-head with Tesla in the nascent electric pickup space, with its innovative but more traditionally-styled R1T going up against Elon Musk’s hard-edged Cybertruck.
”“Rivian is set to be an EV juggernaut, and the Amazon backing and order flow has set the company apart from rising competition,” said Dan Ives, an equity analyst for Wedbush Securities, who tracks electric vehicle companies. “The second plant is a positive sign with all focus on the EV pickup market, which we view as a major market opportunity across the EV space.
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