“Renowned electric vehicle leader Rivian introduces a new spinoff startup focusing on small, lightweight EVs!” RJ Scaringe, the CEO and founder of Rivian Automotive Inc., stands at the pilot production line in the company’s Irvine headquarters. Rivian, known for its large electric trucks, is now expanding into the realm of compact and agile vehicles. The Irvine-based manufacturer revealed on Wednesday that it is launching a new startup named Also Inc. to delve into the world of micromobility, which includes electric bikes, scooters, and skateboards.
According to a news release, Rivian has been working on micromobility solutions for several years and believes that this division warrants its own entity. The specifics of the startup’s product lineup and release schedule have not been disclosed yet. Rivian’s founder, RJ Scaringe, emphasized the importance of offering a diverse range of electrified transportation options to propel the global shift towards sustainable mobility.
This strategic move comes as Rivian navigates challenges like supply chain disruptions, regulatory hurdles, and cautious consumer spending habits amidst economic uncertainties. Scaringe had previously hinted at Rivian’s foray into micromobility, mentioning plans for smaller vehicles at a tech conference in 2022 and confirming the development of an electric bike in 2023.
Also Inc., headquartered in Palo Alto, will have Scaringe as its board chairman, with venture capital firm Eclipse Ventures injecting $105 million into the startup. Rivian’s investment in Also will be a substantial minority stake. In addition to its micromobility venture, Rivian continues to work on a midsize SUV priced at $45,000, slated for delivery in the first half of 2026.
As of 2024, Rivian reported almost $5 billion in annual revenue with a net loss of $1.2 billion, showing signs of financial improvement. The company recorded a gross profit of $170 million in the fourth quarter of 2024, a notable improvement from the previous year. Rivian aims to deliver between 46,000 and 51,000 vehicles in 2025, solidifying its position as a key player in the evolving electric vehicle market.”
