Sep 10, 2019 - Energy & Climate

Electric vehicle startup Rivian lands $350 million in new funding

Rivian truck — Rivian R1T seen at the New York International Auto Show. Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

The electric vehicle startup Rivian on Tuesday announced a $350 million equity investment from Cox Automotive, a big industry data and information company.

Why it matters: It's a fresh sign of intense interest in Michigan-based Rivian from deep-pocketed players. It also illustrates how there's lots of money flying around in the EV space as investors look where to place their bets.

This year, Ford invested $500 million in Rivian, and the companies are working together to develop a Ford EV of some sort.
Amazon led a $700 million investment round in Rivian announced in February.

The big picture: Rivian is building a battery-powered pickup and SUV, with plans to launch them in the U.S. late next year. But a big draw for investors, including Ford, is also the "skateboard" platform underpinning them, which is engineered to accommodate a range of vehicle designs.

What's next: Beyond the investment, Cox and Rivian will "explore partnership opportunities in service operations, logistics, and digital retailing," according to the announcement. Someone from Cox will also join Rivian's board.

Rivian appears to be interested in how Cox's various services can help the company market its vehicles and tech.
"Cox Automotive’s global footprint, service and logistics capabilities, and retail technology platform make them a great partner for us," Rivian founder and CEO R.J. Scaringe said in a statement.

Go deeper: This EV startup for adventurers has a two-part strategy for success

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Electric vehicle startup Rivian lands $350 million in new funding

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