Rivian Automotive (RIVN) said Wednesday that it has separated its micromobility business into a new company that will focus on small and lightweight vehicles.

The new company -- called Also Inc. -- has secured a $105 million investment from venture capital firm Eclipse Ventures.

The electric auto manufacturer said it is keeping a "substantial minority" interest in Also, eyeing future collaboration opportunities. Rivian Founder and Chief Executive RJ Scaringe will serve as chair of the new company's board.

"For the world to fully transition to electrified transportation, a range of vehicle types and form factors will be needed," Scaringe in a statement. "I am extremely excited about the innovations developed by the Also team that will underpin a range of highly compelling micromobility products that will help define new categories."

The company said it has made significant progress toward launching its R2 vehicles in Normal, Illinois, with deliveries of the midsize sports utility vehicle expected to begin in the first half of 2026.

That affirms the vehicle's expected launch time discussed by management during the company's most recent earnings call.

Rivian's shares were down 2% in Wednesday afternoon trade, taking their year-to-date loss to nearly 9%.

Last month, the company reported that its fourth-quarter loss narrowed year over year as revenue rose.