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EV maker Rivian secures $350M investment from Cox Automotive

Rivian Automotive LLC received an equity investment of $350 million from global automotive services company Cox Automotive Inc.

The companies will also explore partnership opportunities in service operations, logistics and digital retailing.

Rivian, which develops and manufactures electric vehicles, will use the funds for advancements in battery technology and electrification of its fleets. Earlier this year, Amazon.com Inc. and Ford Motor Co. also made investments in the Michigan-based company.

Cox Automotive is a subsidiary of Cox Enterprises Inc.