IRVINE, Calif.–( BUSINESS WIRE )– Rivian (NASDAQ: RIVN) has officially announced the separation of its micromobility division into a new entity called Also, Inc. This new company will concentrate on developing small, lightweight vehicles aimed at addressing contemporary and future global transportation challenges.
In response to the significant requirement for compact electric vehicles that facilitate a sustainable transition in the global transportation sector, Rivian launched a discreet initiative focused on micromobility a few years back. The aim of this initial project was to explore how Rivian’s expertise in software, electronics, and electric propulsion could be leveraged to establish a competitive cost model and significantly improved products compared to those currently on the market. As the initiative progressed, it became apparent that Rivian’s strategy was capable of unlocking substantial opportunities deserving of their own business entity, tailored for distinct products, brand identity, and target markets.
Rivian maintains a significant minority stake in Also and anticipates potential collaborative opportunities in the future, which may include selective deployment of some of Rivian’s retail spaces. Following the spin-off, Also obtained a $105 million investment from Eclipse Ventures, a venture capital fund that will aid in the next growth phase for Also. RJ Scaringe, the Founder and CEO of Rivian, will join Also’s Board of Directors as Chairman.
“For the world to completely shift to electrified transportation, it will require a variety of vehicle types and designs,” mentioned RJ Scaringe, Rivian’s Founder and CEO. “I am genuinely enthusiastic about the innovations being created by the Also team that will support a variety of compelling micromobility products that will establish new categories.”
As part of its concentrated effort to sustainably advance its core business, Rivian continues to make remarkable headway towards its R2 launch in Normal, Illinois, expecting to initiate customer deliveries of the all-new midsize SUV in the first half of 2026.
Also will provide more updates on its activities and products in the near future.
Rivian (NASDAQ: RIVN) is an American automobile manufacturer focused on creating and producing groundbreaking electric vehicles and related accessories. The company aims to develop innovative and technologically sophisticated products designed for both work and leisure, in line with its mission of promoting a global shift to zero-emission transportation and energy solutions. Rivian vehicles are manufactured in the United States and are sold directly to individual and commercial clients. Additionally, the company offers a comprehensive suite of services covering the entire vehicle lifecycle, remaining committed to its goal of preserving adventure for future generations. Whether facilitating family adventures or electrifying commercial fleets, Rivian vehicles all share a common aim: safeguarding the natural environment for generations to come.
Forward-looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to fall under the safe harbor provisions for such statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that do not pertain to historical facts should be viewed as forward-looking statements, including but not limited to statements regarding the potential success of Also, Inc., possible future partnerships with Also, Inc., future offerings and products from Also, Inc., and the expected timing for the R2 launch in Normal, Illinois. Certain terms like “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential,” or “continue” or their negatives or similar expressions often indicate such forward-looking statements, although not every forward-looking statement includes these words or phrases. Our current expectations and projections about future events and financial trends that could impact our business, financial standing, and operational results are the foundation for these forward-looking statements. There are known and unknown risks, uncertainties, and other significant factors that could lead to a substantial difference between our actual outcomes, performance, or achievements and those anticipated in any forward-looking statements. These factors are outlined in Part I, Item 1A, “Risk Factors” in Rivian’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the Securities and Exchange Commission. The forward-looking statements presented here are based on the information available to us as of the date of this press release. While we consider this information to be a reasonable basis for our statements, it may be limited or incomplete, and our statements shouldn’t be inferred as conducting a thorough examination of all potentially relevant information. These statements carry inherent uncertainty, and investors are warned against placing undue reliance on them. While we might decide to update these forward-looking statements in the future, we disclaim any obligation to do so, even if subsequent developments lead to changes in our perspectives.