Rivian spins off micromobility business to form new company Also

Electric car manufacturer Rivian announced that it would spin off its micro-mobility business to form a new company called Also. Also focuses on electric bicycles and ultra-light electric vehicles, aiming to provide efficient travel solutions for urban users. A few months after its establishment, the newly established Also completed a $200 million financing, with a valuation of $1 billion, becoming the latest unicorn company in Silicon Valley.