Rivian lands $350million investment from Cox Automotive
American electric vehicle start-up Rivian has announced a $350 million equity investment from international automotive brand Cox Automotive, marking the third such investment for the start-up this year.
As part of the investment, Cox Automotive will add a representative to Rivian’s board while further talks will also be held to explore opportunities for collaboration between the two companies.
Following a $700 million investment led by Amazon in February and a $500 million investment from Ford Motor Company in April, this investment by Cox Automotive means Rivian has surpassed $1.5 billion in funding this year alone.
Founded in 2009, Rivian is a transportation and technology company focused on developing electric adventure vehicles for all terrains, working predominantly on trucks and SUVs.
The start-up has already developed two clean-sheet vehicles; the five-seater R1T pick-up truck and the seven-seat R1S SUV. Both models come with a 400-mile plus range and an unmatched combination of performance, off-road capability and utility.
Rivian’s dedication to innovation and creating an electric product for all-terrains has made it a promising investment opportunity, with manufacturers having largely stayed away from electric SUVs and pickup trucks so far.
Rivian founder and CEO, RJ Scaringe, was excited by the opportunity to collaborate with Cox Automotive to grow their customer experience among other benefits.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” said Scaringe.
“As part of this, we are excited to work with Cox Automotive in delivering a consistent customer experience across our various touch points. Cox Automotive’s global footprint, service and logistics capabilities, and retail technology platform make them a great partner for us.”
Cox Automotive is an Atlanta-based business unit of Cox Enterprises with nearly 30 automotive brands under its umbrella including Manheim, AutoTraders and Pivet.
Cox Automotive President Sandy Schwartz said Rivian’s commitment to change reflected their own views, making the decision to invest easy.
“We are excited by Rivian’s unique approach to building an electrified future and to be part of the positive impact its products will bring to our roads and the world around us,” said Schwartz.
“This investment complements Cox Automotive’s own commitment to environmental change throughout Cox conserves efforts”.
Joe George, President of Cox Automotive Mobility Group said he was excited to partner with the Michigan based start-up and exchange innovative ideas.
“With the electrification of vehicles set to play a significant role in the new mobility future, this partnership opens another channel of discovery and learning for Cox Automotive,” said George.
“Advancements in battery technology and the electrification of fleets are two of our primary focus areas, and we believe this relationship will prove to be mutually beneficial”.
Rivian’s R1T pick-up and R1S SUV models are expected to be ready for production in the second half of 2020.
Original source: ElectricCarsReport | Rivian lands $350 million in new funding
16 Sep 2019