Rivian will not even launch its first electric truck until late next year, but that is not pushing back the firm from getting its 3rd huge funding addition in 2019. Cox Automotive, the firm behind Kelley Blue Book and Autotrader has announced an equity investment worth $350 Million in Rivian. The publications will not play a major role, to be certain. Instead, this is about an opportunity to "explore association chances" in the different regions of Cox's business, comprising logistics, digital retail, and service ops. Cox controls firms such as Manheim, which transports, services, and auctions vehicles all over the world.
This is not the biggest capital inclusion Rivian has got in 2019. An Amazon-spearheaded round lifted $700 Million, while Ford invested $500 Million into the firm to assist make a brand-new car. It is still a huge amount and it displays how many in the automotive and tech worlds view Rivian as their ray of hope. It is a rare firm that both seems to have the cutting edge tech required to vie against heavyweights such as Tesla and a realistic path to mainstream EV sales. If all goes as per the plan, it might provide a fast track to success for those firms.
On a related note, Rivian is distinguished for pushing the limits of battery technology. Not only is the company brainstorming on the all-electric first pickup for the United States, it is also planning to launch "Rivian-to-Rivian" charging, which will let its vehicles to charge one another, and it made an add-on camp stove that uses the battery pack of the EV. Now, the firm requires turning its second-hand batteries into an energy amassing system in Puerto Rico for a solar power microgrid. Rivian will utilize the 135kw batteries from its development cars in Adjuntas.