PLYMOUTH TOWNSHIP, Mich. – Automotive expertise firm Rivian introduced that Atlanta-based Cox Automotive invested $350 million into the Plymouth-based startup.
The funding follows a $700 million funding from Amazon in February and a $500 million funding from Ford Motor Firm in April.
Ford will use Rivian’s electrical platform to construct a Ford-branded all-electric car.
Cox Automotive is the house of practically 30 automotive manufacturers, together with Autotrader, Kelley Blue E book, Pivet, RideKleen and Manheim, which transports, companies and auctions automobiles throughout greater than 150 places globally.
Rivian stated it is going to stay an impartial firm and Cox Automotive will add a consultant to Rivian’s board.
“With the electrification of automobiles set to play a big function within the new mobility future, this partnership opens one other channel of discovery and studying for Cox Automotive,” stated 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 consider this relationship will show to be mutually useful.”
Rivian goals to launch its electrical pickup truck, the R1T, and electrical SUV, the R1S, by 2021.
Rivian is predicated in Burroughs, a historic Albert Kahn constructing in Plymouth, and has analysis, improvement and manufacturing services in California, Illinois and the UK.
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