- General
- September 10, 2019
- 5 minutes read
Rivian Raises $350 Million From Cox Automotive
The Rivian R1T image: Rivian Several months after raising a $700 million Amazon-led round, and a later $500 million from…
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| The Rivian R1T
image: Rivian
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Several months after raising a $700 million Amazon-led round, and a later $500 million from Ford, Rivian, an electric vehicle manufacturer, has announced $350 million in new funding from Cox Automotive, an Atlanta-based automotive services giant that owns well-known brands like Autotrader, Dealer.com, Dealertrack, Manheim and Clutch Technologies. This funding included, Rivian has raised $1.55 billion in funding this year alone. In addition to Cox’s investment, Rivian will also partner with the automotive services company to “explore partnership opportunities in digital retailing, service operations and logistics.”
Rivian has developed two electric vehicles: the R1T, a truck, and the R1S, an SUV. The Plymouth, Michigan-based company plans to launch both vehicles in the US late next year, and in other countries beginning 2021. With new funding, Rivian has been increasing its headcount, from 750 as at February to more than 1,000 currently. The EV company has development centers in Plymouth, Michigan; San Jose, California; Irvine, California; and Surrey, England, along with a 2.6-million-square-foot manufacturing plant in the state of Illinois.
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| The R1S SUV (in front) and the R1T
image: Rivian
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“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” Rivian founder and CEO RJ Scaringe said 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.” He said.
“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,” Cox Automotive Sandy Schwartz added. “This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.” He said.
Despite huge investments, Rivian says it’ll remain an independent company. Cox Automotive is getting a board seat as part of its investment.
