The most popular EV startup proper now has simply grow to be hotter following a $350 million (€317 million) money injection from Cox Automotive.
The fairness funding of $350 million from world automotive providers firm Cox Automotive comes with no obvious strings hooked up, as Rivian will stay an unbiased firm. Nevertheless, Cox Automotive will add a consultant to Rivian’s board and the 2 firms “will discover partnership alternatives in service operations, logistics, and digital retailing.”
It’s the third main funding Rivian has acquired this yr following a $700 million funding from Amazon in February and a $500 million funding from Ford in April. The most recent money inflow is an fascinating transfer seeing as Cox Automotive is a subsidiary of Cox Enterprises, a holding firm dwelling to almost 30 automotive manufacturers.
The group’s portfolio contains Autotrader, Kelley Blue Ebook, Pivet, RideKleen and Manheim, with the latter transporting, servicing, and auctioning automobiles throughout greater than 150 world places.
“We’re excited to work with Cox Automotive in delivering a constant buyer expertise throughout our varied touchpoints. Cox Automotive’s world footprint, service and logistics capabilities, and retail know-how platform make them an important associate for us,” mentioned RJ Scaringe, founder and CEO of Rivian. The important thing phrase right here appears to be “synergy” as Joe George, president of Cox Automotive Mobility Group, explains.
“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,” the chief mentioned. “Developments in battery know-how and the electrification of fleets are two of our main focus areas, and we imagine this relationship will show to be mutually useful,” he added.
Rivian is among the most promising EV startups proper now, having developed two clear sheet electrical journey automobiles, the R1T truck and R1S SUV. Each are constructed on a versatile skateboard platform and will probably be out there with as much as 400 miles (644 kilometers) of vary. Rivian additionally guarantees the 2 automobiles will provide “an unmatched mixture of off-road utility and excessive efficiency.” The primary deliveries are anticipated in late 2020.
Notice: Rivian R1T Camper pictured under