Rivian's Also Inc. Launches with $105M Funding

Rivian Automotive has announced the launch of a new company, Also Inc., focusing on micromobility solutions such as small, lightweight electric vehicles, including electric bikes. This spin-off is supported by a $105 million investment from Eclipse Ventures, while Rivian retains a minority stake. The initiative aims to diversify Rivian’s product offerings and address global transportation challenges. Rivian's CEO, RJ Scaringe, will chair Also's board, indicating a close strategic relationship. The move is part of Rivian's broader strategy to expand its market presence and leverage its expertise in electric vehicle technology. Despite the enthusiasm for the new venture, the company's stock experienced minor fluctuations following the announcement.