Rivian has attracted $1.5 billion in investment this year.
The electric startup continues to bolster support from third-party companies, providing the funding to make its truck and SUV offerings a serious contender against Tesla.
Rivian announced Tuesday it had secured a $350 million deal with conglomerate Cox Automotive, which also owns Kelley Blue Book and Autotrader, among several other companies. This latest equity infusion adds to a $700 million deal with Amazon and a $500 million investment from Ford, bringing the total figure up to over $1.5 billion this year alone. These deals put Rivian’s value at $3.5 billion, according to The Wall Street Journal.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” founder and CEO RJ Scaringe said in a company statement. “As part of this, we are excited to work with Cox Automotive in delivering a consistent consumer 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.”
Neither company commented on exactly how much equity Cox will have in Rivian after the deal is completed. For their part, Cox president Sandy Schwartz said, “We are excited by Rivian’s unique approach to building an electrified future and to be part of the positive impact its products will bring to our roads and the world around us.”
Rivian plans to build two distinct models, both sharing a similar architecture. The R1T pickup and the R1S SUV should start production by the end of 2020 at the company’s plant in Normal, Illinois. From there, six new products are currently in the pipeline by 2025, though no further details on what those products will be are currently available. Stay tuned to TFLtruck.com for more updates!