Rivian (NASDAQ:RIVN) has launched a new standalone company called Also Inc., spun out from its internal micromobility division, the electric vehicle maker said Wednesday. Also will focus on creating compact, lightweight electric vehicles aimed at solving global transportation challenges.
The move follows a quiet internal project where Rivian applied its electric drivetrain, software, and design expertise to develop cost-effective mobility options. As the work progressed, Rivian determined the opportunity was large enough to justify a separate brand and strategy.
Rivian will retain a significant minority stake in the new company and said it expects to collaborate with Also in the future, potentially tapping into its own retail network. Also has raised $105 million in funding from Eclipse Ventures to help scale operations.
RJ Scaringe, Rivian's founder and CEO, will serve as chairman of Also's board. Meanwhile, Rivian said it remains focused on its core business. The company continues preparations for its upcoming R2 platform in Normal, Illinois, with deliveries of its midsize SUV expected in the first half of 2026.
Also, over the past week, Rivian surged by 10.63%, building on an 8.21% gain over the past month. In the last six months, the stock advanced 12.33%, although it's still down 6.84% year to date. Nevertheless, Rivian has delivered a 16.34% return on a one-year basis, underscoring its longer-term strength despite short-term volatility.
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