By Katherine Hamilton
Rivian Automotive is spinning out its micromobility business into a new startup called Also Inc.
The Irvine, Calif., electric-vehicle maker said Wednesday it plans to have a substantial minority shareholder in Also. The new company will focus on small, lightweight vehicles, as well as micromobility, which includes electric scooters and bicycles.
In connection with the spinoff, Also secured a $105 million investment from the venture capital fund Eclipse Ventures, which plans to support the company's next stage of growth, Rivian said.
Rivian started a stealth program focused on micromobility several years ago, it said, with the aim of addressing the transition to more sustainable forms of transportation. The goal of the effort was to see whether Rivian's software, electronics and electric propulsion capabilities could create something that could compete with currently available offerings.
Rivian's founder and chief executive, RJ Scaringe, plans to serve as chairman of Also's board of directors. Also could use some of Rivian's retail footprint in the future, the company said.
Rivian said it is continuing to focus on its core business and has made progress toward launching R2, a mid-size electric SUV. It expects to begin customer deliveries of the product in the first half of 2026, it said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 26, 2025 09:57 ET (13:57 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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