Another Rivian Investment: What Does The $350 Million Deal Mean For The Electric Automaker?

Electric truck maker Rivian has received a $350 million equity investment from automotive services company Cox Automotive, a subsidary of Cox Enterprises. This is the third investment that Rivian has secured in 2019.

Rivian, which has received a $500 million investment from Ford and more recently a $700 million investment from Amazon, will use the newly formed partnership with Cox Automotive to further the areas of “service operations, logistics, and digital retailing.”

“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” RJ Scaringe, founder and CEO of Rivian said. “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.”

Cox Automotive said the investment in Rivian compliments its “own commitment to environmental change.” The company is also looking to expand its knowledge in the areas of battery technology and fleet electrification. A Cox Automotive representative will reside on RIvian’s board of directors as part of the deal.

Rivian has developed the all-electric R1T pickup truck and the R1S SUV, using its flexible skateboard platform. The two vehicles are expected to have up to a 400-mile range.