Rivian, the electric car manufacturer, recently announced that the company had fund raised $350 million through an equity investment from Cox Automotive. Through this investment both companies will now work together to work on online retail services and new logistics efforts.
Cox Auto's investment follows a few other major investments into Rivian including the online retail company Amazon which led a $700 million funding round and a $500 million investment from Ford.
“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.”
Currently, Rivian has developed two electric vehicles, a truck and a SUV, that have a flat skateboard-like design. The design is to be used as a vehicle platform and currently boast a range of around 400 miles and is expected to launch in the US in 2020, and internationally by 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 stated.
“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.
Rivian will add a member from Cox Auto onto their board of directors, but the company itself will remain independent.
Cox Automotive President Sandy Schwartz also stated, “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.”
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