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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