Cox Automotive invests $350m in US electric vehicle manufacturer Rivian
Cox Automotive investment in Rivian : US electric vehicle manufacturer Rivian has secured an equity investment of $350 million from automotive services company Cox Automotive, an Atlanta-based business unit of Cox Enterprises.
Founded in 2009, Rivian is engaged in developing vehicles, products, and services for sustainable transportation. The US automaker and automotive technology company, which is headquartered in Plymouth, Michigan, was previously called Avera Automotive.
Cox Automotive investment in Rivian marks the third for the US electric vehicle manufacturer in the year 2019. It follows a $500 million investment by Ford Motor Company in April and a $700 million investment round in February led by Amazon.
Both Rivian and Cox Automotive will also explore partnership opportunities in service operations, logistics, and digital retailing, as per the latest US auto industry news.
Cox Automotive investment in Rivian, US electric vehicle manufacturer
US electric vehicle manufacturer Rivian secures $350m in funding from Cox Automotive. Photo courtesy of Ben Moon/RIVIAN AUTOMOTIVE.
RJ Scaringe – founder and CEO of Rivian, commenting on Cox Automotive investment in Rivian, said: “We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles.
“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.”
Post collaboration, Rivian will remain an independent company while Cox Automotive will appoint a representative to Rivian’s board.
Cox Automotive investment in Rivian, Joe George – president of Cox Automotive Mobility Group said: “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.
“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.”
Rivian has built its two clean sheet electric adventure vehicles, the R1T truck and the R1S SUV using a flexible skateboard platform-based design.
The R1T and R1S will each be available with up to 400 miles of range and an unmatched combination of off-road utility and high performance, according to the US electric vehicle manufacturer.
Cox Automotive portfolio consists of almost 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, which transports, services, and auctions vehicles across over 150 locations worldwide.
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