Rivian raises more startup funds

Rivian raises more startup funds

Retail information company Cox Automotive investing $350 million in electric truck company.

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Plymouth, Michigan – Electrictruck and SUV maker Rivian raised $350 million from global automotive services company Cox Automotive. In addition to the investment, the companies will explore partnership opportunities in service operations, logistics, and digital retailing.

Since the beginning of the year, Rivian has raised more than $1.5 billion from tech investors such as Amazon and automakers such as Ford. The company has unveiled an electric pickup and an electric SUV based on a shared powertrain platform.

Rivian Founder and CEO RJ Scaringe said, “Cox Automotive's global footprint, service and logistics capabilities, and retail technology platform make them a great partner for us.”

Cox Automotive, a subsidiary of Cox Enterprises, owns nearly 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen, and auction house Manheim.

Michigan-based Rivian’s R1T truck and R1S SUV will each be available with up to 400 miles of range and an unmatched combination of off-road utility and high performance.

“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 Joe George, president of Cox Automotive Mobility Group. "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."