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Rivian will retain a substantial minority stake in the new micromobility brand
5 hours ago
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Rivian has launched a new company, Also, focused on small, lightweight electric vehicles.
It retains a minority stake in Also, expecting future collaborations and joint opportunities.
Also received a $105M investment to expand its micromobility vehicle development efforts.
Rivian has a lot on their plate, but that hasn’t stopped them from creating a new spin off. Known as Also Inc, the micromobility business will be focused on “small, lightweight vehicles that are designed to meet the global mobility transportation challenges of today and tomorrow.”
According to the automaker, they started a stealth micromobility program several years ago as they recognized the “massive need for small electric form factors.” The company went on to say “as these efforts advanced, it became clear that Rivian’s approach had the potential to unlock a large opportunity that deserved to be its own company, optimized around different products, brand positioning, and markets.”
While little of substance is known about Also, it received a $105 (£81.5 / €97.6) million investment from Eclipse Ventures. However, Rivian will retain a “substantial minority ownership stake” and expects “opportunities for future collaboration” such as using Rivian stores to showcase Also products.
Rivian CEO RJ Scaringe will serve on Also’s Board of Directors as its Chairman and he released a statement saying, “For the world to fully transition to electrified transportation, a range of vehicle types and form factors will be needed.” The executive added, “I am extremely excited about the innovations developed by the Also team that will underpin a range of highly compelling micromobility products that will help define new categories.”
As for what’s coming from Also, Scaringe mentioned that the first product will launch in early 2026, with the “product portfolio and incredible technology” being unveiled later this year. How exactly that will all unfold remains to be seen.
The announcement has been met with a shrug on Wall Street as Rivian stock is down 1.82% as of this writing. However, with so few details, it’s hard to get excited about Also, which could simply become an also-ran.
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