Rivian gets $350 million investment for its electric trucks

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.

(Rivian)

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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