- Rivian announced that it raised $350 million from Cox Automotive, which is a company that runs nearly 30 auto brands including Autotrader and Kelley Blue Book
Rivian has announced that it raised $350 million in funding from global automotive services company Cox Automotive. Plus the companies are exploring partnership opportunities in service operations, logistics, and digital retailing.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” said Rivian founder and CEO RJ Scaringe in a statement. “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.”
Cox Automotive — a subsidiary of Cox Enterprises — runs nearly 30 auto brands including Autotrader, Kelley Blue Book, Pivet, RideKleen, and Manheim
“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,” added Cox Automotive president Sandy Schwartz. “This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.”
Rivian is known for developing two clean sheet electric adventure vehicles called the R1T truck and the R1S SUV. These vehicles are designed on a flexible skateboard platform. The R1T and R1S will each be available with up to 400 miles of range with an unmatched combination of off-road utility and high performance. And the vehicles will be launched in the US in late 2020 and other geographies in 2021.
“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,” explained Cox Automotive Mobility Group president Joe 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.”
This partnership is Rivian’s third investment announced this year after a $700 million investment round led by Amazon in February and a $500 million round from Ford in April. Cox Automotive is adding a representative to Rivian’s board in conjunction with this investment.
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