EV startup Rivian could be worth nearly as much as Honda in U.S. IPO

FILE PHOTO: Rivian introduces R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake

(Reuters) -Rivian Automotive Inc, which is backed by Amazon.com Inc, is targeting a valuation of more than $53 billion for its U.S. debut, making the electric vehicle manufacturer potentially almost as valuable as rival Honda Motor.

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