Cox Automotive Invests $350M into EV Maker Rivian

Rivian founder RJ Scaringe has a brand new investor in his firm: Cox Automotive, which put $350 million into the EV maker.

Electrical car start-up Rivian has attracted a $350M million funding from Cox Automotive as sit prepares for the launch of manufacturing late subsequent 12 months.

The funding by Cox, a world automotive providers firm primarily based in Atlanta, Georgia, follows the $500 million invested by Ford Motor Co. and $700 million from Amazon earlier this 12 months. Rivian stays an impartial firm however Cox Automotive will add a consultant to Rivian’s board. It’s the primary time Cox has invested immediately in an automaker.

Cox and Rivian are planning to discover partnership alternatives in digital retailing, service operations and logistics, officers from the 2 corporations mentioned of their announcement.

(Ford Investing $500M in Rivian; Will Use Begin-Up’s Platform for New BEV)

“We’re constructing a Rivian possession expertise that matches the care and consideration that go into our automobiles,” mentioned RJ Scaringe, founder and CEO of Rivian.

The Rivian R1T is anticipated to hit U.S. roads in late 2020.

“As a part of this, we’re excited to work with Cox Automotive in delivering a constant buyer expertise throughout our numerous touchpoints. Cox Automotive’s world footprint, service and logistics capabilities, and retail expertise platform make them an excellent accomplice for us.”

Cox Automotive is a subsidiary of media-giant Cox Enterprises, which owns 30 automotive manufacturers, together with Autotrader, Kelley Blue E book, Pivet, RideKleen and Manheim.

“We’re excited by Rivian’s distinctive strategy to constructing an electrified future and to be a part of the constructive affect its merchandise will deliver to our roads and the world round us,” mentioned Sandy Schwartz, president of Cox Automotive.

(Amazon Turning into Lead Investor in Rivian)

“This funding enhances Cox Automotive’s personal dedication to environmental change by means of our Cox Conserves efforts.”

Rivian, which is typically recognized as a light-truck oriented challenger to Tesla, has developed two clear sheet electrical automobiles, the R1T truck and the R1S SUV. Designed on a versatile skateboard platform, the R1T and R1S will every be out there with as much as 400 miles of vary and an unmatched mixture of off-road utility and excessive efficiency.

The Rivian R1S can journey greater than 400 miles on a single cost.

“With the electrification of automobiles set to play a major position within the new mobility future, this partnership opens one other channel of discovery and studying for Cox Automotive,” mentioned Joe George, president of Cox Automotive Mobility Group.

“Developments in battery expertise and the electrification of fleets are two of our main focus areas, and we imagine this relationship will show to be mutually helpful.”

(Rivian reveals its two long-range, high-performance vans)

Rivian has greater than 1000 individuals at growth facilities in Plymouth, Michigan; San Jose and Irvine, California; and Surrey, England; together with a 2.6-million-square-foot manufacturing plant in Regular, Illinois. Rivian will launch the R1T and R1S within the U.S. in late 2020, with introduction to different nations beginning in 2021.

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