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Rivian announces equity investment of USD350m from Cox Automotive.

Auto Business News-September 11, 2019--Rivian announces equity investment of USD350m from Cox Automotive

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Auto Business News - 11 September 2019

Rivian, a company developing vehicles, technology and services, has announced an equity investment of USD350m from global automotive services company, Cox Automotive.

The companies will also explore collaboration opportunities in service operations, logistics, and digital retailing. The collaboration is Rivian's third investment announcement of 2019, following a USD700m investment round in February headed by Amazon, and in April, a USD500m investment from Ford Motor Company. Rivian will remain an independent company, and Cox Automotive will add a representative to Rivian's board.

RJ Scaringe, Rivian founder and CEO, said, '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 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.'

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Publication:Auto Business News (ABN)
Date:Sep 11, 2019
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