Rivian electric bicycle under development, confirms CEO

Rivian will join a list of automotive brands like Porsche to expand into the electric bicycle market.

Rivian will soon enter the electric bicycle market. The company has confirmed that the development of its first e-bicycle has received a green light.

Speaking at a company-wide meeting, CEO RJ Scaringe officially announced the brand's entry into the electric bicycles segment. The company is said to have already filed to expand its trademarks to cover electric bicycles.

Rivian has poached multiple high-level e-bike designers from major brands and has been bulking up its bicycle design team. Scaringe went on to say that the electric bicycle wasn't just a plan but that the first model was already under development in-house.

Electric bicycles have lower regulatory hurdles. Hence, it could help Rivian reach the market faster with a much higher volume model to complement its larger EVs. With the launch of its first e-bike, Rivian will join a list of automotive brands like Porsche to expand into the electric bicycle market.

The move comes amidst tough times for Rivian, who recently announced that it would lay off 6% of its workforce due to cost-cutting issues. The company has been ramping up production of its R1T and R1S models over the last year but is struggling to bring down its cost.

Source: Bloomberg