And So We Drive

Rivian Automotive Raises Another $350 Million from Cox at Reported $3.5 Billion Valuation

Mike Colias, reporting for the Wall Street Journal:

Rivian Automotive, an electric pickup-truck startup backed by automotive and technology giants including Inc., has landed $350 million from privately held Cox Enterprises as it prepares to launch its first vehicle next year.

This brings Rivian’s total raised to over $1.5 billion in 2019 alone, following prior investments from Amazon and Ford.

Interesting to see Rivian and Rimac both announce substantial investment in the same week, and from such different partners. While Rimac is positioning itself as a parts and technology supplier to the OEMs, Rivian is positioning itself as an OEM.

Reading Rivian’s investor list with that strategy in mind, it reads as well-calculated to mitigate each of the struggles faced by fellow upstart Tesla over the last few years.

by Tyler Carbone