SILVER SPRING, Md. (AP) – Shares in Rivian Automotive are set to trade publicly Wednesday, and the world should get a better idea of just how excited investors are about the electric vehicle market.
Rivian, the EV startup backed by Amazon and Ford, hopes to raise about $12 billion. Rivian said it will use the money to ramp up production of its trucks, vans and SUVs.
It’s the latest in what’s becoming a long line of companies trying to carve out some of Tesla’s dominant market share. With shares priced at $78 each, it would give Rivian a market value of $66.5 billion.
Rivian is not a new company. In fact, it has been about 12 years in the making. It reported huge losses since the start of last year, according to a report in the New York Times.
Rivina makes an upscale pickup truck and an SUV. According to the New York Times, Rivian is considered to be better run and has better prospects than some other electric vehicle companies that have already started trading on the public market, including Lordstown Motors and Nikola.
Lordstown Motors CEO Dan Ninivaggi said in an October interview that he is very confident in the company’s future, citing the Foxconn commitment.
Foxconn is expected to build its all-new “PEAR” at the Lordstown plant.
Lordstown Motors announced Wednesday several executive appointments as it works to bring the Endurance pickup truck to market and the deal with Foxconn.
The change in leadership comes as Rich Schmidt stepped down as president of Lordstown Motors and CFO Julio Rodriguez resigned after LMC admitted trouble with its pre-orders and then said it was running low on cash for operations.