Rivian announces $350 million investment from Cox Automotive
Rivian announced an equity investment of $350 million from global automotive services company Cox Automotive.
In addition to the investment, the companies will explore partnership opportunities in service operations, logistics, and digital retailing.
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.
This partnership marks Rivian’s third investment announcement of 2019, following a $700 million investment round in February led by Amazon, and in April, a $500 million investment from Ford Motor.
Rivian will remain an independent company, and Cox Automotive will add a representative to Rivian’s board.