by Rivian has founded a new company, Also, aimed at producing small, lightweight electric vehicles.
It retains a minority stake in Also, anticipating future collaborations and joint opportunities.
Also received a $105 million investment to expand the development of micromobility vehicles.
Rivian has, but this hasn’t stopped them from creating a new venture. Known as Also Inc, the micromobility business will focus on “small lightweight vehicles designed to address global transport challenges today and tomorrow.”
According to the automaker, several years ago they started a secret micromobility program as they recognized a “significant need for small electric form factors.” The company stated, “as these efforts evolved, it became clear that Rivian’s approach has the potential to unlock a significant opportunity deserving of its own company, optimized for different products, brand positioning, and markets.”
Additionally:
While little is known specifically about Also, it received a $105 (£81.5 / €97.6) million investment from Eclipse Ventures. However, it will retain a significant ownership stake and expects “opportunities for future collaboration,” such as using Rivian’s stores to showcase Also’s products.
Rivian CEO RJ Scaringe will serve as chairman of the board of Also and released a statement saying, “The full transition of the world to electrified transport will require a range of vehicle types and form factors.” The executive added, “I am incredibly excited about the innovations developed by the Also team that will underpin a range of very compelling micromobility products, allowing us to define new categories.”
The announcement was met with indifference on Wall Street, as Rivian shares at the time of writing this article had lost 1.82%. However, with such a minimal amount of detail, it’s difficult to maintain excitement regarding Also, which may just become one of many participants.
