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Electric truck maker Rivian, backed by Amazon, goes public

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This Nov. 14, 2018, file photo shows a Rivian R1T at Rivian headquarters in Plymouth, Mich. Shares in Rivian Automotive are set to trade publicly on Wednesday, Nov. 10, 2021, and the world should get a better idea of just how hot investors are for the electric vehicle market.

SILVER SPRING, Md.  — 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.

The company 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.

Ahead of the start of trading, Rivian shares priced at $78, which gives the company an estimated market value of $66.5 billion.

 

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Associated Press

Associated Press

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