Wednesday 11 September 2019

Rivian lands $350m of new investment

Rivian lands $350m of new investment

Electric pickup truck firm Rivian has landed $350 million (£283.5m) of new investment.

The US company, which has already developed two electric vehicles (EVs), called the R1T truck and the R1S SUV, has received the finance from global automotive services firm Cox Automotive.

They have also agreed to work together to explore service operations, logistics and digital retailing solutions going forwards.

In February, Rivian received $700 million (£567.1m) in new investment in a round led by Amazon, as well as $500 million (£405m) from Ford Motor Company in April.

RJ Scaringe, Founder and CEO of Rivian, 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."

Written by

Bruna Pinhoni

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