Rivian, known for his large electric trucks, is fixing his sight in small and light vehicles.
Irvine's headquarters with headquarters said Wednesday that it is turning its micromobylility business in a new startup also called INC.
Micromobilility covers a variety of vehicles, including electric bicycles, scooters and skateboards.
Rivian said in a press release that he began working in micromobylility several years ago and concluded that businesses should be their own company. Rivian did not specify what type of products he plans to launch the beginning and when.
“For the world to make a completely transition to electrified transport, a variety of types of vehicles and factors will be needed,” said RJ Scaringe, founder and executive director of Rivian, in a statement.
The measure occurs when Rivian aims to grow his business while facing challenges such as supply chain problems, regulations and consumers captivated by spending money amid economic uncertainty.
Scaringe previously insinuated that Rivian was working in micromobilility. He said at the TechCrunch interruption conference in 2022 that the company planned to move to even smaller vehicles. In 2023, he told the staff that Rivian was developing an electric bicycle, Bloomberg reported.
Rivian said he has a “substantial participation of minority property” in also, which will be based on Palo Alto.
Scaringe will serve as president of the Startup Board of Directors. Eclipse Ventures de Venture Capital Fund is also investing $ 105 million in also.
The company refused to provide more details about the company.
Rivian has also been working on a medium SUV with five seats that starts at $ 45,000, a lower price compared to its larger vehicles. Known as the R2, the SUV is expected to be delivered to customers in the first half of 2026.
In 2024, Rivian reported annual income of almost $ 5 billion and a net loss of $ 1.2 billion, according to their quarterly financial results.
The company's finances have improved as losses have been reduced.
The company reported a gross gain of $ 170 million in the fourth quarter of 2024, compared to a loss of $ 606 million during the same period in 2023.
Rivian hopes to deliver 46,000 to 51,000 vehicles in 2025.
