Tesla Rival Rivian's Investor Soros Wants The EV Maker To Price Its IPO Below The Reported $80B: Here's Why

Rivian Automotive Inc investor Soros Fund Management LLC hopes the Amazon.com Inc AMZN-backed electric automaker seeks a valuation lower than the expected $80 billion when pricing its initial public offering, Bloomberg News reported on Tuesday, citing the investment firm's CEO Dawn Fitzpatrick.

What Happened: Dawn, who was speaking at the Bloomberg Invest Global Summit in New York, said the electric vehicle is a “great company” but Soros hopes that "they come public a little bit cheaper than that because we want there to be a long-term value play there.”

Rivian, which is also backed by Ford Motor Co F is reportedly seeking an $80 billion valuation in the IPO. It disclosed an investment by Soros in July 2020 but the size of the latter's stake in Rivian is not known.

See Also: Is The Rivian IPO Stock A Good Buy?

Why It Matters: Seen as a Tesla Inc TSLA rival, Rivian confidentially filed for an IPO in late August.

The proposed valuation is higher than that of legacy automakers such as General Motors Co GM, Ford, and the U.S.-listed Chinese electric vehicle maker Nio Inc NIO.

Rivian reported a net loss of $994 million for the first half of the year last week.

Price Action: Amazon shares closed 0.98% higher at $3,221 a share on Tuesday.

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Posted In: electric vehiclesEVsRivianNewsIPOsTechMedia