Rivian Automotive Inc, an electric-truck startup is targeting a valuation of around $70 billion in its potential initial public offering later this year.

Earlier this year in January, Amazon.com Inc and Ford Motor Co-backed Rivian had a valuation of $27.6 billion, following a $2.65-billion investment round led by T. Rowe Price.

Rivian has hired advisers including JPMorgan Chase & Co., Goldman Sachs Group Inc, and Morgan Stanley for its potential public listing, said sources familiar with the matter at hand.

Rivian, Morgan Stanley and JPMorgan Chase declined comment.

Goldman Sachs did not respond to requests for comments.

Rivian, a Tesla competitor, is aiming to start production of an electric-pickup and SUV later this year.