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Electric truck maker Rivian raises almost $12bn

  • Sun Online Desk
  • 10th November, 2021 03:23:05 PM
  • Print news

Shares in electric vehicle firm Rivian are set to start trading in New York of US on Wednesday, after raising more than $11.9bn (£8.8bn) from investors.

That's as the shares were priced at $78 each, well above the company's target range.

That flotation ranks among the top 10 initial public offerings (IPOs) of all time in the US.

Yet Rivian only started delivering its first electric pick-up trucks to customers in September.

And the California-based start-up has made losses of over $2bn over the last two years.

But the van and truck maker has drawn significant investor interest, in part because it already has the backing of online giant Amazon.