The electric truck and SUV developer has received $350m from Cox Automotive in return for a 10% stake in the Ford, Amazon and Sumitomo-backed company.
Cox Automotive, the transport-focused division of media, automotive and telecommunications group Cox Enterprises, invested $350m in US-based electric off-road vehicle developer Rivian on Tuesday.
The cash was provided at a $3.5bn valuation, a person familiar with the matter told the Wall Street Journal, and it increased the company’s total funding to $2.35bn.
Rivian is working on plug-in electric trucks and sports utility vehicles (SUVs) that will be capable of a 400-mile range from a single charge. It has three development…
