Plymouth-based auto company Rivian receives $350 million investment from Cox Automotive
Rivian received over $1B in investments in 2019
Automotive technology company Rivian announced that Atlanta-based Cox Automotive invested $350 million into the Plymouth-based startup.
The investment follows a $700 million investment from Amazon in February and a $500 million investment from Ford Motor Company in April.
- Ford invests $500 million into Plymouth Township-based startup Rivian
- Plymouth-based auto company Rivian unveils 2 electric vehicles
- Amazon invests money in electric pickups
Ford will use Rivian's electric platform to build a Ford-branded all-electric vehicle.
Cox Automotive is the home of nearly 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, which transports, services and auctions vehicles across more than 150 locations globally.
Rivian said it will remain an independent company and Cox Automotive will add a representative to Rivian’s board.
“With the electrification of vehicles set to play a significant role in the new mobility future, this partnership opens another channel of discovery and learning for Cox Automotive,” said Joe George, president of Cox Automotive Mobility Group. “Advancements in battery technology and the electrification of fleets are two of our primary focus areas, and we believe this relationship will prove to be mutually beneficial.”
Rivian aims to release its electric pickup truck, the R1T, and electric SUV, the R1S, by 2021.
Rivian is based in Burroughs, a historic Albert Kahn building in Plymouth, and has research, development and manufacturing facilities in California, Illinois and the United Kingdom.
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