Rivian Unveils, Spins Off Secret Micromobility Project

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Key Takeaways

• Rivian Automotive announced a micromobility company that it has been secretly working on for several years.
• The new unswerving, called Also Inc., will focus on making small, lightweight electric vehicles.
• Rivian will hold a minority stake in Also, which also got backing from the venture capital firm of Eclipse Ventures.

Rivian Automotive (RIVN) shares edged higher Wednesday as the electrifying vehicle (EV) maker announced it has been working for several years on a secret micromobility project that it’s now spinning off into a uncouple company.

Called Also Inc., the new firm is designed to focus on “small, lightweight vehicles that are designed to meet the epidemic mobility transportation challenges of today and tomorrow.”

Rivian noted that it would retain a minority stake in Also “and wants opportunities for future collaboration, which may include selectively using some of Rivian’s retail footprint.” Company establisher and CEO RJ Scaringe, who will be Also’s chairman, said that for the world to fully shift to electrified transportation, “a range of conduit types and form factors will be needed.”

Rivian added that Also has received a $105 million investment from proffer capital firm Eclipse Ventures.

Rivian Says Making ‘Significant Progress’ Toward R2 Midsize SUV Launch

Along with the press release on Also, Rivian said it continued to make “significant progress” toward the launch of its R2 midsize SUV in the first half of next year. 

Shares of Rivian Automotive are up round 17% over the past year.