Electric truck unicorn Rivian, backed by Amazon and Ford, landed a $350 million investment from Cox
RJ Scaringe, founder and chief executive officer of Rivian Automotive Inc., speaks at AutoMobility LA in Los Angeles.Rivian, an innovative truck startup planning to produce all-electric pickups and SUVs that’s backed by Ford Motor Co. and Amazon, said Cox Automotive is investing $350 million and may partner with it on future business operations.
Cox, which owns an extensive range of businesses related to auto sales and services, including consumer information sites Kelley Blue Book and Autotrader, retailer data services Dealer.com and Dealertrack, and automotive auction business Manheim, will also explore ways to help Rivian with service operations, logistics and digital retailing.
Both the R1T and R1S are to have electric range of up to 400 miles per charge–well more than any of Tesla’s current EVs–and they are priced from $68,000 and $72,500, respectively. “We are excited by Rivian’s unique approach to building an electrified future and to be part of the positive impact its products will bring to our roads and the world around us,” said Sandy Schwartz, president of Cox Automotive. “This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.”
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