Rivian, an EV startup slated to produce the R1T pickup and R1S SUV, has landed a $350 million investment from Cox Automotive. That stake follows a $500 million investment from Ford Motor Co. and a $700 million share put together by Amazon. Cox Automotive is the parent company of 30 automotive brands including Kelley Blue Book, Autotrader, Dealer.com, Manheim Auctions and DealerTrack.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” said RJ Scaringe, founder and CEO of Rivian. “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.”
Cox Automotive recently expanded to create a new Mobility Group that oversees efforts in new technology and ownership models, such as subscriptions, car sharing and alternative technology including electric and autonomous vehicles.
“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,” said Joe George, president of Cox Automotive Mobility Group. “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.”
