Rivian Launches Spinoff for Compact Electric Vehicles

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Rivian, famous for its big electric trucks, is now aiming at producing smaller and lighter models.

The automaker based in Irvine announced on Wednesday that it will be separating its micromobility division into a new company named Also Inc.

Micromobility includes a range of conveyances such as electric bicycles, scooters, and skateboards.

Rivian said in a news release Rivian mentioned that they began focusing on micromobility a few years back and decided that this venture should operate as a separate entity. However, Rivian did not disclose specifics about the types of products the new startup intends to launch or their projected timeline.

"RJ Scaringe, the founder and CEO of Rivian, stated that for global adoption of electric vehicles to occur, various types and designs of these vehicles will be necessary," as mentioned in an official statement.

This step is taken as Rivian seeks to expand its operations while dealing with issues like disrupted supply chains, regulatory hurdles, and customers hesitant to spend due to economic instability.

Scaringe had earlier suggested that Rivian was developing micromobility solutions. He stated at TechCrunch's event: Disrupt conference In 2022, the company intended to transition to more compact vehicles. By 2023, he informed employees that Rivian was working on an electric bicycle. Bloomberg reported.

Rivian mentioned that it holds a "significant minority ownership stake" in Also, with the company set to operate from Palo Alto.

Scaringe will take on the role of chairman for the startup's board of directors. The venture capital firm Eclipse Ventures is injecting $105 million into Also.

The firm chose not to offer additional information regarding the project.

Rivian has also been developing a midsize SUV designed for five passengers that will have a base price of $45,000, which is less expensive than its bigger models. This vehicle, referred to as the R2, is anticipated to reach buyers during the first six months of 2026.

In 2024, Rivian announced an annual revenue of approximately $5 billion along with a net loss of $1.2 billion, as stated in their quarterly report. financial results .

The financial situation of the firm has been getting better with the reduction in losses.

In the final quarter of 2024, the firm announced a gross profit totaling $170 million, as opposed to experiencing a deficit of $606 million in the corresponding timeframe of 2023.

Rivian anticipates delivering between 46,000 and 51,000 vehicles in the year 2025.

This tale initially surfaced in Los Angeles Times .

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