Electric truck maker Rivian Automotive LLC said on Tuesday that it has received an equity investment of $350 million from Cox Automotive Inc, owner of the Autotrader online automobile market and Kelley Blue Book car valuation service.
Rivian said the two companies will also explore opportunities for partnerships in digital retailing, service operations and logistics. Cox will also add a representative to Rivian’s board of directors.
Michigan-based Rivian, a potential rival to Silicon Valley’s Tesla Inc (TSLA.O) founded in 2009, has raised close to $1.9 billion from investors.
In April, Ford Motor Co (F.N) announced it was investing $500 million in Rivian.