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Rivian Automotive, Inc. (NASDAQ:RIVN) announced on Wednesday that it has spun off its micromobility business into a new company, Also, Inc.
The company’s shares saw an uptick on Wednesday following the announcement.
This move will allow Also to focus on developing small, lightweight electric vehicles designed to address the global mobility challenges.
Rivian’s venture into micromobility began as a stealth program several years ago, with the goal of leveraging Rivian’s expertise in software, electronics, and electric propulsion to create a cost-efficient, innovative product.
According to Benzinga Pro, RIVN stock has gained over 19% in the past year. Investors can gain exposure to the stock via First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN).
The success of this initiative led Rivian to realize the opportunity for a dedicated company.
Rivian retains a minority stake in Also and expects future collaboration between the two companies, including possible use of Rivian’s retail locations.
To support growth, Also has secured a significant investment of $105 million from Eclipse Ventures, a venture capital firm. Rivian’s founder and CEO, RJ Scaringe, will serve as Chairman of Also’s Board of Directors, underlining his ongoing commitment to the micromobility space.
In addition to the spin-off, Rivian continues to focus on its core business, making significant progress toward the launch of its R2 vehicle in 2026. This new venture signals Rivian’s dedication to expanding the range of electrified transportation options to help accelerate the global transition to zero-emission solutions.
Price Action: RIVN stock is up 1.50% at $12.54 at last check Wednesday.
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