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0.000794281175536264 0.00119142176330425 -0.000397140587767991 -0.00166004765687047 -0.00198570293884024 -0.000794281175536123 0.010722795869738 0.00754567116759338
Stock impact report

Rivian spins off micromobility unit as new startup named ‘Also' [Yahoo! Finance]

Rivian Automotive, Inc. (RIVN) 
Company Research Source: Yahoo! Finance
Electric vehicle maker Rivian has spun out its micromobility business into a new startup named “Also” that will focus on small, lightweight electric vehicles, the company announced in a press release March 26 The startup secured a $105 million investment from venture capital firm Eclipse Ventures, which will support the next phase of the startup's growth, according to the release. Rivian will remain a minority shareholder in Also and its founder and CEO RJ Scaringe will serve on startup's board of directors as chairman. Rivian's future plans for the new micromobility unit may include collaboration with its passenger vehicle business, including the use of the company's EV retail locations. Rivian started an internal stealth program at the company several years ago to focus on the growing electric micromobility sector, according to the release. The program was launched to look for ways to apply the company's core strengths in software, electronics and electric propulsion to devel Show less Read more
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