While the ripples are still settling from the Rivian IPO, you may not have caught an additional local angle beyond Rivian being Irvine headquartered — Cox Automotive invested $350 million in Rivian back in 2019 for its Series C, months after Amazon and Ford did. Cox also added a member to Rivian’s board. That investment stake is currently worth $3.8 billion!
Cox Automotive, a subsidiary of Cox Enterprises, is the home of nearly 30 automotive brands, including Autotrader, Kelley Blue Book, Pivet, RideKleen and Manheim, which transports, services, and auctions vehicles across more than 150 global locations.
In addition to the deal, the two companies have been exploring partnership opportunities in service operations, logistics, and digital retailing.Cox Automotive also has a big presence in Irvine, on top of the Cox Business team who has been partnering with us to bring the startup community together in OC for years.
Here’s to more success being recycled locally for our ecosystem!