All Eyes Are On Rivian As It Aquires ANOTHER $350 Million Investment

Rivian aiming to be Tesla of trucks gets $350 million investment as it gears up to open Illinois factory

Rivian gets $500 million investment for its electric trucks

Rivian said the two companies will also explore opportunities for partnerships in digital retailing, service operations and logistics.

Last year, Rivian unveiled the prototypes of its R1T electric pickup and R1S electric SUV.

The stake follows a $700 million investment round led by Amazon and a $500 million deal with Ford to co-develop and manufacture an electric model that will be sold by the legacy automaker. RJ Scaringe, Rivian's founder and CEO, makes that very clear.

"We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles". "As part of this, we are excited to work with Cox Automotive in delivering a consistent consumer experience across our various touchpoints".

Cox Automotive, a subsidiary of Cox Enterprises, also owns Pivet, RideKleen and Manheim, which transports, services, and auctions vehicles across more than 150 global locations.

The real clue may be in comments in the company's press release made by Joe George, president of Cox Automotive Mobility Group.

For its part, Cox said the investment will help strengthen its focus on advancements in battery technology and electrifying vehicle fleets, and it complements its corporate commitment to environmental sustainability. It did not provide details on what type of vehicle was planned, and where or when it would be built.

The interesting aspect is that Cox Automotive has always taken care of the automotive chain after the vehicle was already produced.

Latest News