Rivian's Small EV Offshoot Has Already Achieved a Valuation of $1 Billion Without Selling Any Products | Carscoops

      Prior to the creation of Also Inc, Rivian had been developing an e-bike internally.

      On July 10, 2025, at 16:36, Brad Anderson reported that Rivian established Also Inc to concentrate on micromobility and compact electric vehicles.

      Also Inc will focus on the development of e-bikes and small three- and four-wheel electric vehicles for urban environments.

      Greenoaks Capital contributed $200 million, elevating Also’s valuation to $1 billion.

      Over the past decade, Rivian has distinguished itself among EV startups with its R1T and R1S models, demonstrating that electric trucks and SUVs can compete with gasoline vehicles in speed, capability, and comfort. As the company gears up to introduce smaller, more affordable options like the R2 and R3, it is also discreetly supporting a new venture in a different domain: a micromobility startup called Also Inc.

      This new enterprise was spun out of Rivian earlier this year, receiving $105 million in funding from the automotive company and the prominent venture capital firm Eclipse. Although Also has been tight-lipped about its upcoming products, company president Chris Yu confirmed earlier this year that its technologies would be suitable for e-bikes and small three- and four-wheel neighborhood electric vehicles and micro-cars.

      In July, Also attained a valuation of $1 billion after securing a $200 million investment from Greenoaks Capital, marking a significant increase for a company still in stealth mode and indicating strong investor confidence in its future.

      According to Bloomberg, Also is based in Palo Alto and is projected to start with a workforce of around 80 employees. Yu pointed out that its vehicles are likely to be well-suited for US communities where golf carts and other micromobility solutions are already common. The company also plans to launch several products designed for both consumer and commercial use in markets such as Asia and South America.

      By creating Also as a distinct entity, Rivian can maintain its focus on core vehicle development without diverting its attention. Even prior to the spin-off, Rivian had been investigating the concept of an electric bike, suggesting the early origins of this new enterprise. Although Now independent, Also is expected to leverage its connection to Rivian, gaining access to an established supply chain and potentially sharing some components with them.

      Yu commented, “When you get a small vehicle, one size doesn’t fit all. We want to provide customers with confidence and a technological platform they can trust, applying the same principles and technology, regardless of the final product.”