Electric vehicle automaker Rivian has announced it received a $350 million investment from Cox Automotive, a global car services company, according to a report.
The companies said in a statement that in addition to the investment, they will both “explore partnership opportunities in service operations, logistics and digital retailing.”
Rivian Founder and CEO RJ Scaringe said the partnership should boost the company’s ability to bring services to customers.
“We are building a Rivian ownership experience that matches the care and consideration that go into our vehicles,” Scaringe said. “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 has quite a few services, including fleet management, digital retailing and logistics.
In January, the company launched a fleet services brand called Pivet to handle services like in-fleeting, de-fleeting, cleaning, detailing, maintenance and charging. And although Rivian has never said anything about its cars and trucks having a subscription service, the investment/partnership puts the company in a good position to do so in the future.
Cox Automotive has been eyeing ways to invest and participate in the rising usage of electrified vehicles, and has been looking at things like ways to utilize second-life batteries as well as battery diagnostics.
Cox Enterprises owns many brands that could help Rivian with its reach, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, the latter of which has 150 worldwide locations and participates in the servicing and auctioning of vehicles.
“With the electrification of vehicles set to play a significant role in the new mobility future, this partnership opens another channel of discovery and learning for Cox Automotive,” said Joe George, president of Cox Automotive Mobility Group. “Advancements in battery technology and the electrification of fleets are two of our primary focus areas, and we believe this relationship will prove to be mutually beneficial.”