+1-888-308-5802     
News Contact Us

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

Related News

U Mobile set to invest billions of ringgits in 5G network spectrum

Published Date: 2020-01-20         Author: Pankaj Singh

U Mobile Sdn Bhd, a telecommunication service provider based in Malaysia, has plans to invest a large sum of money/ringgits in 5G network development for next generation connectivity. The company has already spent RM300 million for future rollouts, which is anticipated to complete in the Q3 of 2020,... Read More

Datadog launches partner program to support channel partners in ANZ

Published Date: 2020-01-18         Author: Pankaj Singh

Datadog, the global monitoring and cloud-scale analytics platform for developers, IT teams, and business users, recently announced the launch of a new partner program, expanding its support for channel partners in Australia & New Zealand. The Datadog Partner Network will offer a structured platf... Read More

Banco Sabadell and TSB ink a cloud services contract with IBM

Published Date: 2020-01-17         Author: Pankaj Singh

Banco Sabadell, a Spain-based banking group, has inked a ten-year agreement with IBM to advance its hybrid cloud strategy. Sources cite that this deal is intended to streamline Sabadell’s dispersed technological infrastructure to move and manage data, services, and workflows across multip... Read More

© 2020 Fractovia. All Rights Reserved