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Rivian Lands USD 350 Million Investment from Cox

Auto News - Published on Thu, 12 Sep 2019

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Rivian the upstart electric vehicle company based in suburban Detroit, has scored a third large investor as it races to complete development of its battery-powered truck and SUV for 2020 launches. The company said that Cox Automotive, parent company of well-known brands Manheim, AutoTrader, Kelley Blue Book and DealerTrack, is investing USD 350 million in Rivian. It is the first equity investment for Cox Automotive, or its parent Cox Enterprises, in an automaker.

Earlier this year, Amazon and Ford Motor Co announced major investments in Rivian. Ford kicked in USD 500 million, while Amazon led a USD 700 million investment group.

Rivian CEO Mr RJ Scaringe said in a statement that "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."

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Posted By : Mohan Sharma on Thu, 12 Sep 2019
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