Sep 10, 2019

Electric vehicle startup Rivian lands $350 million in new funding

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

Go deeper

Amazon's big bet on electric vehicle startup Rivian

Amazon founder Jeff Bezos announces the co-founding of The Climate Pledge. Photo: Paul Morigi/Getty Images for Amazon

Part of Amazon's sweeping climate change plan is to deploy 10,000 electric delivery vans made by the startup Rivian as soon as 2022, and 100,000 by 2030 — and perhaps much faster.

Why it matters: It's a major sign that that deep-pocketed players see Rivian as well positioned among the electric vehicle startups to cross the bridge into substantial commercial production.

Go deeperArrowSep 20, 2019

Jeff Bezos promises Amazon will hit carbon neutrality 10 years early

Photo: Eric Baradat/AFP/Getty Images

Jeff Bezos announced Amazon’s Climate Pledge — to hit the Paris climate accord goal of carbon neutrality in 2040, 10 years early — Thursday in Washington, D.C.

Why it matters: More than 1,000 Amazon employees in Seattle plan to walk out Friday as part of the Global Climate Strike, CNBC reports. And over 8,200 have signed an open letter to Bezos to lower Amazon's carbon footprint.

Go deeperArrowSep 19, 2019

How the world's cities will drive electric vehicle adoption

Illustration: Aïda Amer/Axios

The U.S. vehicle market could finally be going electric — and faster than you might think.

What's happening: While California and the Trump administration go to war over the state's right to set its own tailpipe emissions standards, large cities are taking steps to curb pollution and corporate giants like Amazon are launching their own green agendas.

Go deeperArrowUpdated Sep 28, 2019