Rivian’s Tiny EV Spinoff Is Already Worth $1 Billion Before Selling A Single Product

Before launching Also Inc, Rivian had already been developing an e-bike in-house

                                        https://www.carscoops.com/author/bradcarscoops-com/                                    

Rivian has stood out among EV startups over the past decade, with its R1T and R1S showing that electric trucks and SUVs can match their gas-powered rivals in speed, capability, and comfort. Now, as it prepares to launch smaller, more affordable models like the R2 and R3, the company is also quietly supporting a new player in a very different space: a micromobility startup called Also Inc.

This new company was spun out of Rivian earlier this year with $105 million in funding from the carmaker and Eclipse, a well-known venture capital firm. While Also is remaining tight-lipped about what products it will launch, company president Chris Yu confirmed earlier this year its technologies would work for e-bikes and small three- and four-wheel neighborhood EVs and micro cars.

Read: Sales Slip Shows Rivian Needs Affordable Models Now

In July, Also reached a valuation of $1 billion following a $200 million investment from Greenoaks Capital. That’s a significant jump for a company still in stealth mode, signaling strong confidence from investors in its potential.

According to Bloomberg, Also operates out of Palo Alto and is expected to start with a team of about 80 employees. Yu mentioned that its vehicles would likely be a good fit for US communities where golf carts and other micromobility options are already part of daily life. The company is also aiming to launch several products tailored for both consumer and commercial use in regions like Asia and South America.

By establishing Also as a separate entity, Rivian can keep its focus on core vehicle development without diluting its attention. Even before the spin-off, Rivian had been exploring the idea of an electric bike, which hints at the early roots of this new venture. Although now independent, Also is expected to benefit from its connection to Rivian, gaining access to an established supply chain and possibly sharing some components between the two companies.

“When you get a small vehicle, one size doesn’t fit all,” Yu noted. “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.”