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 

Full story available on Benzinga.com

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 

Full story available on Benzinga.com

 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 Full story available on Benzinga.com   Read MoreAI Generated, Briefs, electric vehicles, Equities, M&A, mobility, News, QCLN, RIVN, Stories That Matter, why it’s moving, Top Stories, Markets, Movers, General, QCLN, US33733E5006, RIVN, News, M&A, Equities, Top Stories, Markets, Movers, General, Benzinga Markets