The company now expects to sell 135 million shares at a price of $72 to $74 per share on November 9, raising nearly $10 billion.

After the successful investor roadshow this week, the price range rose

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After the successful investor roadshow this week, the price range rose

With the support of Amazon.com, Rivian Automotive substantially increased the expected offering price of its shares on Friday. The electric car manufacturer aims to value up to $65 billion in its initial public offering. Earlier this week, its goal was to value more than $53 billion at a price of $62 per share. The company now expects to sell 135 million shares at a price of $72 to $74 per share on November 9, raising nearly $10 billion.

After the successful investor roadshow this week, the price range rose as Wall Street’s large IPO investors bet that Rivian will become the next big player in the Tesla-dominated industry.

This IPO may make Rivian one of only three companies to raise more than US$8 billion in ten years after Alibaba and Facebook.

Although the startup has not yet sold a large number of electric vans or trucks, Rivian’s $65 billion valuation may make it more valuable than Fiat manufacturer Stellatis NV and bring it closer to traditional automakers Ford and General Motors.

Rivian has been investing heavily to increase production, including the high-end all-electric R1T truck launched in September, beating the competition from established competitors such as Tesla, General Motors and Ford.

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Rivian stated that it has started delivering R1T and has recorded revenue in the three months ended September 30.

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As of October 31, the company has approximately 55,400 R1T and R1S reservations in the United States and Canada.

Rivian stated that it has started delivering R1T and recorded revenue in the three months ended September 30. However, due to rising production costs, the net loss during the period is expected to increase.

The electric vehicle market is booming, because consumers pay more attention to environmental protection and are regarded as a symbol of luxury goods by many brands. Tesla produced a record number of cars in the most recent quarter, indicating strong demand for electric vehicles.

Amazon has ordered 100,000 Rivian electric delivery vehicles as part of the e-commerce giant’s broader efforts to reduce its carbon footprint.

However, Rivian will face competition from automakers in the consumer and commercial truck markets.

Ford said that for its F-150 Lightning electric truck have exceeded 160,000 units, and the electric version of its Transit commercial van has been “completely sold out.”

General Motors is stepping up production of electric trucks, SUVs and trucks.

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Morgan Stanley, Goldman and JPMorgan Chase are the lead underwriters. Rivian will be listed on the Nasdaq under the code “RIVN”. The valuation includes stocks that the underwriter can exercise under the “green shoe” option.

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