Rivian lands $350 million investment from Cox Automotive

Rivian, the adventure-minded electric automaker that plans to create a pickup truck and SUV, has raised $350 million from worldwide automotive solutions firm Cox Automotive.

The two corporations stated Tuesday they will also “explore partnership opportunities in service operations, logistics, and digital retailing.” Additional particulars weren’t offered. Nevertheless, a statement from Rivian founder and CEO RJ Scaringe suggests the partnership will assist the EV startup give solutions to its prospects.

“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” Scaringe stated. “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.”

And Cox Automotive, as nicely as its parent firm Cox Enterprises, has the attain Rivian is seeking for. Cox Enterprises owns almost 30 automotive brands, like Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, which transports, solutions, and auctions autos across much more than 150 worldwide areas.

The Cox Automotive partnership follows two other eye-popping investments this year. In February, Rivian raised $700 million in a round led by Amazon. Two months later, the firm announced a $500 million investment from Ford Motor.

Regardless of all of these massive-name investors, Rivian says it will stay an independent firm, a need repeated to TechCrunch on numerous occasions more than the previous year by Scaringe. Cox Automotive will add a representative to Rivian’s board.

“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,” Joe George, president of Cox Automotive Mobility Group stated in a statement. “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 spent the majority of its life in the shadows till November 2018 when it revealed its all-electric R1T pickup and R1S SUV at the LA Auto Show. Scaringe launched the firm as Mainstream Motors in 2009. By 2011, the name changed to Rivian and moved out of Florida. These days, the firm has much more than 1,000 workers split among 4 improvement areas in the U.S. and an workplace in the U.K. The bulk of its workers are in Michigan to be close to an expansive automotive provide chain.

The firm also has operations in San Jose and Irvine, Calif., exactly where engineers are operating on autonomous automobile technologies. Rivian also owns a factory in the Regular, Ill. that was after owned by Mitsubishi in a joint venture with Chrysler Corporation referred to as Diamond-Star Motors.

Deliveries of these autos to prospects in the U.S., which use a versatile skateboard platform, are anticipated to commence in late 2020.