Home Business Rivian gets $500 million investment for its electric trucks – Fox News

Rivian gets $500 million investment for its electric trucks – Fox News

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Things are revving up at Rivian. The electric truck startup is getting a $350 million investment from Cox Automotive, the companies announced on Tuesday.

The equity stake follows a $700 million investment round led by Amazon and a $500 million deal with Ford to co-develop and manufacture an electric model that will be sold by the legacy automaker.

SEE: THESE ELECTRIC PICKUPS ARE COMING SOON

Rivian said the deal with Cox, which owns automotive marketing and delivery companies, will help it with service operations, logistics, and digital retailing.

Michigan-based Rivian is planning to begin building an electric luxury pickup truck next year at a factory in Normal, Ill., which will be followed by an SUV.

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