Rivian, which expects to begin delivering an all-electric pickup and SUV beginning in late 2020, has raised another $350 million from an equity investment from automotive services company Cox Automotive.
After already raising $700 million from Amazon in February and another $500 million from Ford Motor Company in April, Rivian has attracted another high-value equity investor in the domestic auto industry. Cox Automotive joins Amazon, Ford, Tesla, and other heavy-hitters, which are all looking to cash in on a groundbreaking innovation in electric-powered consumer vehicles.
"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, in a statement. “Cox Automotive’s global footprint, service and logistics capabilities and retail technology platform make them a great partner for us.”