Rivian IPO
Rivian Automotive Inc., the maker of electric pickups backed by Amazon.com Inc., has filed to go public seeking a valuation of $80 Billion according to media reports.
Rivian recently rolled out the first all-electric pickup truck, the R1T, on Sept. 14, ahead of its IPO in November. The EV startup has applied to trade under the symbol RIVN on the Nasdaq.
Rivian disclosed that Amazon and Ford own at least 10 percent of the startup’s shares. Additionally, Amazon has announced plans to buy up to 100,000 custom delivery vans from the startup.
China EV Market Updates
XPeng Motors announced on Monday that the company has produced its 100,000th vehicle, around six months after fellow Chinese electric vehicle maker Nio reached a similar milestone.
Both companies managed to reach the 100,000 mark in around six years, roughly half the time it took the Tesla, Inc.
According to XPeng’s statement, “it is not only a corporate milestone but also a new starting point for a new journey of an intelligent manufacturing system: On August 18 this year, Xiaopeng Motors’ Zhaoqing Phase II project officially signed a contract to start construction, the designed annual production capacity of the Zhaoqing base will increase from 100,000 to 200,000.”
Bitcoin Rally
The prices of cryptocurrencies extended on Monday their rise onto another week, with the fee for Bitcoin going over $56,000 for the first time since the end of April.
Earlier the day, El Salvador, which recently became the first country to create Bitcoin as a legal tender, announced it will build a pet hospital worth $4 million with the gains earned through its operations with Bitcoin.
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