Rivian announces $350 million investment from Cox Automotive

Posted on September 10, 2019
Rivian’s manufacturing facility in Normal. (Photo courtesy Rivian)

 

By Neil Doyle

NORMAL – Rivian Automotive has announced a $350 million investment from Cox Automotive.

Rivian, which operates the old Mitsubishi Motors plant in Normal, said the investment will allow the companies to explore partnership opportunities in service operations, logistics, and digital retailing.

“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” said Rivian CEO RJ Scaringe in a news release. “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.”

Cox Automotive, based in Atlanta, is a $20 billion company that owns nearly 30 brands, including Autotrader and Kelley Blue Book.

Rivian said it will remain an independent company, and Cox Automotive will add a representative to the electric automaker’s board.

This is the third major investment into Rivian this year. The company announced a $700 million investment by Amazon in February, and in April, a $500 million investment from Ford Motor Company.

Rivian plans to launch its electric vehicles in late 2020.

Neil Doyle can be reached at [email protected]

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