"Before RJ Scaringe founded the adventure-themed EV company Rivian, he was thinking about bikes. Well, not bikes exactly. More like pedal-powered hybrid microcars and other forms of alternative transportation. This was three years before Scaringe launched Rivian, and nearly 13 years before the company eventually came out of stealth. By then, Scaringe had decided against building such a vehicle, concluding that the market would be too small, limited to a niche group of enthusiasts like himself."
"It's a risky move for Rivian, which is currently bracing itself for a steep drop in EV sales following the recent expiration of the $7,500 federal EV tax credit in the US. The company is also gearing up for the production launch of its crucial R2 vehicle next year, which could help Rivian reverse its fortunes. But it has never had a profitable quarter, and there are serious concerns about the company's ability to weather the next year or so as the EV market contracts."
RJ Scaringe initially considered pedal-powered hybrid microcars and alternative transportation before founding Rivian, but judged the market too small. He kept the motivation for sustainable adventurous mobility and later collaborated with Specialized's CTO Chris Yu to incubate pedal-powered ideas, spawning a spinout called Also. Also unveiled a modular e-bike, a pedal-powered four-wheeler, and a bike helmet claimed to dramatically reduce head-injury risk. The move arrives as Rivian faces falling EV demand after the $7,500 federal tax-credit expiration, an upcoming R2 launch, lack of profitable quarters, and concerns about weathering a contracting market. Also recently raised $105 million.
Read at The Verge
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