Rivian, a Plymouth, Mich.-based transportation and technology company, received a $350m equity investment from global automotive services company Cox Automotive.
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.
In addition to the deal, the two companies will explore partnership opportunities in service operations, logistics, and digital retailing.
Led by RJ Scaringe, founder and CEO, Rivian has developed two clean sheet electric adventure vehicles, the R1T truck and the R1S SUV. With a team of more than 1000 people, the company has development centers in Plymouth, Mich.; San Jose, Calif.; Irvine, Calif; and Surrey, England; along with a 2.6-million-square-foot manufacturing plant in Normal, Ill.
It will launch the R1T and R1S in the US in late 2020, with introduction to other global geographies starting in 2021. Rivian is now accepting preorders on its R1T and R1S.
This latest partnership marks Rivian’s third investment announcement of 2019, following a $700m investment round in February led by Amazon, and in April, a $500m investment from Ford Motor Company.
It will remain an independent company, and Cox Automotive will add a representative to Rivian’s board.
FinSMEs
10/09/2019