Rivian may be worth nearly as much as Honda

Fast-moving: A file picture showing Scaringe, Rivian’s 35-year-old CEO at an auto show. The company may be valued higher than Ferrari, although less than Honda, General Motors or its backer Ford. — Reuters

BENGALURU: Rivian Automotive Inc, which is backed by Amazon.com Inc, is targeting a valuation of more than US$53bil (RM219.8bil) for its US debut, making the electric vehicle (EV) manufacturer potentially almost as valuable as rival Honda Motor.

The startup is looking to raise up to US$8.4bil (RM34.8bil), setting it up to be the third-largest initial public offering (IPO) by funds raised in the past decade in the United States.