Rivian Automotive (RIVN) said Wednesday it has spun off its micromobility business into a new startup called Also, which will focus on small, lightweight vehicles.
The company said it keeps a "substantial" minority stake in Also and expects potential partnerships that may include selectively using some of Rivian's retail footprint.
Rivian added that Also secured a $105 million investment from venture capital fund Eclipse Ventures in connection with the spinoff.
Rivian said its founder and chief executive officer RJ Scaringe will serve as Also's chairman.
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