Rivian, a startup trying to bring an electric pickup truck and electric SUV to market, has been raising a lot of money this year. After large investments from Ford and Amazon, the startup is now announcing a $350 million investment from Cox Automotive.
Last year, Rivian unveiled the prototypes of its R1T electric pickup and R1S electric SUV.
At the time, we took a close look at Rivian’s electric platform, which the startup claims will enable a range of up to 400 miles.
We were impressed, we weren’t the only ones.
Since the unveiling, the company has received a lot of investment interest and it ended up raising a $700 million round led by Amazon and taking another $500 million investment from Ford just a few months later.
Now they are pushing their total amount raised in 2019 to over $1.5 billion with a new $350 million from Cox Automotive, a global automotive services company.
Sandy Schwartz, president of Cox Automotive, commented on the investment:
“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. This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.”
Cox is better known for its brands like Autotrader, Kelley Blue Book, Pivet, RideKleen, and Manheim and many services to buy vehicles, transport them, or service them.
Beyond the investment, RJ Scaringe, founder and CEO of Rivian, hinted at other potential partnerships between Rivian and the company:
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles. As part of this, we are excited to work with Cox Automotive in delivering a consistent customer experience across our various touchpoints. Cox Automotive’s global footprint, service and logistics capabilities, and retail technology platform make them a great partner for us.”
With a large investment from several different companies, Rivian remains independent, but Cox Automotive will add a representative to Rivian’s board.
Rivian is currently working on its vehicle development program and its factory in Normal, Illinois, which used to be a shuttered Mitsubishi factory, in order to bring its electric pickup truck and SUV to production by the end of next year.
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