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Rivian receives $350 million from the Atlanta-based Cox Automotive

Author : Pankaj Singh | Published Date : 2019-09-12 

This is the third biggest investment for the company, following the $500 million and $700 million funding round this year.

Rivian Automotive, an American automaker specialized in developing sustainable transport, has managed to secure $350 million from Cox Automotive, an Atlanta-based automaker, making it Rivian’s third biggest investment in 2019. According to sources, Cox automotive and Rivian are planning to partner in areas like digital retailing, logistics and service operations.

Reportedly, the auto technology firm, which was founded in 2009, is renowned in developing electric trucks and SUVs and had raised $500 million from Ford Motors in April and $700 million in funding led by Amazon in February. Whereas Cox Automotive, a division of Cox Enterprises, owns a total of 30 auto brands, such as Autotrader and Kelley Blue Book.

Speaking on the move, Joe George, President, Cox Automotive, said that the electric vehicles are set to play a vital role in the latest mobility future and this merger would open up another channel of learning and discovery for the company.

He said that the development in the electrification of fleets and battery technology are two of their crucial focus areas, and it feels that this relationship will be mutually beneficial for both the firms.

Reportedly, prior to this funding announcement, Rivian had $1.4 billion in total funding (debt financing and corporate rounds). The company will remain an independent firm, but Cox Automotive would have a seat on the company’s board. Additionally, after receiving the $500 million funding from Ford in April, the company was claimed to be valued at about $5 billion.

For the uninitiated, Rivian launched its latest adventure vehicles, an electric pickup truck and an electric SUV, which were designed to have the off-roading capacity and 400 miles of range. The company has offices in Irvine, Carson and San José. Alongside its headquarters in Michigan, it has operations in the United Kingdom, and Normal, Illinois.

Source Credit: https://news.crunchbase.com/news/rivian-automotive-receives-350m-in-third-investment-this-year/

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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