Rivian, which has developed an electric SUV and pickup, today announced an equity investment of $350 million from global automotive services company Cox Automotive.
Cox Automotive, a subsidiary of Cox Enterprises, is the home of nearly 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, which transports, services, and auctions vehicles across more than 150 global locations. Rivian and Cox will explore partnership opportunities in service operations, logistics, and digital retailing, according to a release.
Rivian previously raised more than $1 billion from important strategic partners including Ford and Amazon. The company plans to go to production in 2020 and build 20,000 to 40,000 in its first year of manufacturing.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” Rivian Founder and CEO RJ Scaringe said in a release. “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.”
Based on a adaptable electric skateboard platform, the R1T truck and R1S SUV will each be available with up to 400 miles of range.
“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, said in a release. “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.”
Cox Automotive will add a representative to Rivian’s board.