American automotive manufacturer Rivian has announced the separation of its micromobility business to form a brand-new company: Also, Inc..
First entering the micromobility sector with a stealth programme, Rivian initially aimed to gauge the feasibility of the use of its software, electronics and electric propulsion systems to create an advantaged cost structure in order to offer an ‘enhanced product’ library before deciding to spin-out its business to form the new company.
Initially, Also, Inc. will look to focus on smaller, lightweight vehicles, expanding its current portfolio as a result of the company designation.
The company has also has secured a 105 million USD investment from venture capital fund, Eclipse Ventures, in order to support future growth.
Rivian Founder and CEO RJ Scaringe, said:For the world to fully transition to electrified transportation, a range of vehicle types and form factors will be needed.
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.
