Rivian Automotive has spun out its electric micromobility business into a new start-up, called ‘Also’, which aims to develop small, lightweight electric vehicles (EVs).
In connection with the spin-off, Also has secured a $105m investment from venture capital fund Eclipse Ventures for its next phase of growth.
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Also, initially a stealth project within Rivian, is now an independent entity focusing on developing a range of electrified products across the micromobility space to tackle transportation challenges.
Founded by a focused stealth team within Rivian, the new company plans to launch its flagship product in 2026 in the US and Europe, followed by products tailored for both consumer and commercial use in Asia and South America.
Rivian founder and CEO RJ Scaringe will serve as the chairman of Also’s board of directors.
Scaringe said: “We believe in a future where there are a broad range of transportation vehicle types available to customers.
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By GlobalData“Just as Rivian continues to focus on building products that are inviting, capable and fun, I am super excited to see Also launch as a platform for a new category of all-electric vehicles. Small electric vehicles will play a key role in efficient, clean and convenient mobility, opening new opportunities for people to get around quickly and with minimal impact.”
Rivian retains a minority stake in Also and foresees potential collaborations, including the use of Rivian’s retail network.
Rivian said it will continue to progress with its core business, including the upcoming launch of the R2 midsize SUV in Normal, Illinois, with customer deliveries expected in the first half of 2026.
Last month, Rivian reported its first quarterly gross profit of $170m for the Q4 of 2024, marking a turnaround from a loss of $606m in the corresponding quarter the previous year.
The firm posted a net loss attributable to common stockholders of $743m for Q4 2024, which is an improvement from a $1.52bn loss in the same period a year earlier.
