With high-profile backers, EV startup Rivian goes public
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By MATT OTT
AP Business Writer
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 per share, it would give Rivian a market value of $66.5 billion.