Rivian, a developer of “electric adventure vehicles” announced an equity investment of $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.
Cox Automotive, a subsidiary of Cox Enterprises, is the home of nearly 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, which transports, services, and auctions vehicles across more than 150 global locations.
US-based transportation and technology company Rivian has developed two clean sheet electric adventure vehicles, the R1T truck and the R1S SUV. Designed on a flexible skateboard platform, the R1T and R1S will each be available with up to 400 miles of range and a combination of off-road utility and high performance.
This partnership marks Rivian’s third investment announcement of 2019, following a $700-million investment round in February led by Amazon, and in April, a $500-million investment from Ford Motor Company. Rivian will remain an independent company, and Cox Automotive will add a representative to Rivian’s board.