Rivian said Tuesday it has secured a $350 million equity investment from Cox Automotive, and the companies will look into teaming up on digital retailing, service operations and logistics opportunities.
This follows two other major investments in the transportation and tech company this year, with an Amazon-led $700 million round in Rivian that came in February and a $500 million investment by Ford in April.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” Rivian chief executive and founder RJ Scaringe said in a news release.
“As part of this, we are excited to work with Cox Automotive in delivering a consistent customer experience across our various touchpoints,” Scaringe said. “Cox Automotive’s global footprint, service and logistics capabilities and retail technology platform make them a great partner for us.”
Rivian has crafted two clean sheet electric vehicles (R1T truck and R1S SUV) that were designed on a flexible skateboard platform. Those vehicles will have ranges up to 400 miles and are scheduled to launch in the US late next year before international expansion beginning 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,” Cox Automotive Mobility Group president Joe George said in a news release.
“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,” George said.
Cox Automotive will add a representative to the board of directors at Rivian, which will remain an independent company.
Cox Automotive president Sandy Schwartz said in the release, “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. This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.”