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Electrical-vehicle agency Rivian might search $70 billion valuation in IPO- Bloomberg Information By Reuters 

© Reuters. FILE PHOTO: The emblem for electrical car startup Rivian is seen on the hood of its new R1T all-electric truck in Mill Valley, California, U.S., January 25, 2020. REUTERS/Nathan Frandino

(Reuters) -Electrical-truck startup Rivian Automotive Inc might goal a valuation of about $70 billion in its potential public itemizing later this 12 months, Bloomberg information reported on Friday. Inc (NASDAQ:) and Ford Motor (NYSE:) Co-backed Rivian had a valuation of $27.6 billion, Reuters reported in January, after a $2.65-billion funding spherical led by T. Rowe Worth.

Rivian is working with advisers together with Goldman Sachs Group Inc (NYSE:), JPMorgan Chase & Co. (NYSE:), and Morgan Stanley (NYSE:) on an preliminary public providing, Bloomberg information reported, citing folks aware of the matter.

The information outlet in February reported the corporate might search a valuation of about $50 billion.

Rivian, JPMorgan Chase and Morgan Stanley declined to touch upon Bloomberg Information’ Friday report, and Goldman Sachs didn’t reply to Reuters’ request for remark.

Rivian, which goals to compete with Tesla (NASDAQ:) Inc, targets to start out manufacturing of an electric-pickup and SUV this 12 months.

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