The hottest EV startup right now has just become hotter following a $350 million (€317 million) cash injection from Cox Automotive. The equity investment of $350 million from global automotive services company Cox Automotive comes with no apparent strings attached, as Rivian will remain an independent company. However, Cox Automotive will add a representative to Rivian’s board and the two companies “will explore partnership opportunities in service operations, logistics, and digital retailing.” It’s the third major investment Rivian has received this year following a $700 million funding from Amazon in February and a $500 million investment from Ford in April. The latest cash influx is an interesting move seeing as Cox Automotive is a subsidiary of Cox Enterprises, a holding company home to nearly 30 automotive brands. The group’s portfolio includes Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, with the latter transporting, servicing, and auctioning vehicles across more than 150 global locations. Also read: Rivian To Launch Six Models By 2025, Will Build EVs For Others Including Amazon “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,” said RJ Scaringe, founder and CEO… Read full this story
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