Rivian has taken a notable step beyond electric trucks and SUVs with the quiet launch of a new micromobility startup, Also Inc., which recently reached a $1 billion valuation despite remaining in stealth mode. The move signals Rivian’s strategic interest in smaller electric vehicles while maintaining focus on its core offerings.
Also Inc. was spun out of Rivian earlier this year with an initial $105 million in funding from the EV maker and venture capital firm Eclipse. In July, the company secured an additional $200 million investment from Greenoaks Capital, boosting its valuation and drawing investor attention to the growing micromobility sector.
Headquartered in Palo Alto, California, Also is expected to start with a team of roughly 80 employees. Although the company has not publicly detailed its product lineup, President Chris Yu has indicated that the technology will support e-bikes, micro cars, and compact three- and four-wheel electric vehicles suitable for urban and neighborhood use.
The startup plans to target communities in the U.S. that already use golf carts and similar vehicles for short trips, while also preparing product lines for commercial and consumer markets in regions like Asia and South America.
By spinning off Also as a separate entity, Rivian preserves its focus on the R1T, R1S, and upcoming R2 and R3 models, while indirectly entering the fast-growing micromobility segment. The new company is expected to leverage Rivian’s supply chain and engineering experience, offering products built on a shared technology foundation.
“When you get a small vehicle, one size doesn’t fit all,” Yu said earlier this year. “We want to give customers confidence and a brand technology platform customers can rely on with the same principles and technology, regardless of what the end solution looks like.”
Source: Bloomberg
