Rivian, a company that makes self-driving cars, has a staggering valuation and plans to list on the New York Stock Exchange this summer — but it will still be far from the tech titans the company has been compared to, such as Uber and Tesla.
The company is seeking a valuation over $50 billion and expects to list on the NYSE sometime this summer, the chief executive of the company, Roland Lam, told the Nikkei Asian Review. Rivian did not immediately return a request for comment.
Rivian has been trading under the ticker symbol RAVE for several weeks. When the company makes its public debut, which will be the first time a traditional publicly traded auto company is going public, it could get a multi-billion valuation, bringing the total value of the car company to close to $70 billion, according to the Nikkei Asian Review. The public share offering will almost certainly be conducted by way of an initial public offering.
Currently, electric-car manufacturer Tesla’s market value exceeds $52 billion. Other large carmakers have also been developing automated drive vehicles, including Nissan, which has a more limited line of electric cars, and General Motors, which is hoping to take full advantage of its purchase of Cruise Automation, a self-driving technology company that counts Google as a client. GM is in the process of bringing a self-driving car to market as well.
Rivian, though, is certainly a tech company, even if the company is largely overshadowed by the much larger ones out there. But while it makes electric vehicles that are neither driving nor pulling any passengers, it is still manufacturing and selling the vehicles, thanks to a unique factory technology that allows Rivian to transfer and put its vehicles in its own factories, which in turn has allowed the company to build the cars for about four times less than conventional companies.
The cars Rivian is putting on the road aren’t for sale — they are all the company’s internally developed electric vehicle designs, including versions of the Rivian Prodigy and Ranger. While the company’s taxis and light trucks will also be built in Rivian’s facilities, the company claims that only most importantly the cars it is selling are designed specifically for the self-driving world. While the cars may look similar to other cars at first glance, they have the ability to rapidly accelerate and go from zero to 60 miles per hour in less than four seconds.
Rivian is also assembling those vehicles right at its headquarters in Lansing, Michigan, which counts as its hub a body shop that can quickly create an entire car from a single frame of the needed chassis.
Read the full story at The Nikkei Asian Review.
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