Rivian not too long ago introduced an fairness funding of $350 million from Cox Automotive, a subsidiary of Cox Enterprises, which hosts manufacturers resembling Autotrader, Kelley Blue E-book, and RideKleen. The funding will enable Rivian and Cox to discover partnership alternatives in service operations, digital retail, and logistics.
In a press release, Rivian CEO RJ Scaringe acknowledged the partnership with Cox will enable the corporate to supply a constant buyer expertise for patrons of its automobiles, together with the R1T luxurious pickup truck and the R1S SUV.
“We’re constructing a Rivian possession expertise that matches the care and consideration that go into our automobiles. As a part of this, we’re excited to work with Cox Automotive in delivering constant buyer expertise throughout our numerous touchpoints. Cox Automotive’s world footprint, service and logistics capabilities, and retail expertise platform make them an ideal associate for us,” he mentioned.
Sandy Schwartz, president of Cox Automotive, additionally expressed his enthusiasm for Rivian and its potential in the auto industry. Schwartz added that Rivian’s stance as an environmentally-conscious EV maker enhances Cox’s personal conservation efforts.
“We’re excited by Rivian’s distinctive method to constructing an electrified future and to be a part of the constructive affect its merchandise will convey to our roads and the world round us. This funding enhances Cox Automotive’s personal dedication to environmental change via our Cox Conserves efforts,” he mentioned.
Cox Automotive Mobility Group president Joe George added that the partnership opens up alternatives for Cox to study concerning the electrical automotive revolution, in addition to developments in battery technology.
“With the electrification of automobiles set to play a major position within the new mobility future, this partnership opens one other channel of discovery and studying for Cox Automotive. Developments in battery expertise and the electrification of fleets are two of our main focus areas, and we consider this relationship will show to be mutually helpful,” he mentioned.
Cox Automotive’s $350 million partnership deal marks Rivian’s third main funding for 2019. Previous to Cox, Rivian had acquired a $700 million investment from Amazon in February, in addition to $500 million from the Ford Motor Firm. Regardless of Cox’s funding within the electrical truck maker, Rivian notes that it’ll stay an unbiased firm with a consultant from Cox sitting on its board.
The announcement of Rivian’s most up-to-date funding comes not lengthy after prototypes of the electrical truck maker’s R1T pickup had been spotted in Ushuaia, Argentina. The automobiles, which had been photographed by EV fanatic Juan Guillermo Bauer, had been reportedly delivered to the nation as automobiles for an journey present starring Ewan McGregor and Charley Boorman. Not like the silver R1T present mannequin that’s being showcased by the corporate in america, the R1T items noticed in Argentina seem like prototypes, as evidenced by their fairly spartan inside and a middle console that options quite a few buttons and knobs.