By Akash Sriram
(Reuters)-Micromobility Startup also said on Wednesday that it has been split off from the Rivian Automotive of electric vehicles with $ 105 million in series B financing of venture capital company Eclipse and will focus on lightweight EVs.
Will also offer small, lightweight, electrically driven vehicles to serve customers at different price points and in different regions, the company said, but did not provide specific details about the products.
As the demand for sustainable transport grows, startups increasingly focus on small electric vehicles as a solution for congestion, affordability and increasing emissions.
The micromobility sector is plagued by bankruptcies and financial setbacks, in which companies such as Van Moof, Bird and Lime are struggling due to high costs and regulatory challenges, which leads to business models that have not converted enthusiasm of the venture capital into profitable urban transport solutions.
“There is no single form factor (physical design, form and size) that meets all needs,” Rivian CEO RJ Scaringe told Reuters.
“We have taken the Rivian technology stack and adapted to much smaller form factors and then come up with a number of incredibly exciting forms of that technology in these very small form factors.”
Also, who will work independently with minority property of Rivian, will reveal his products later this year.
Rivian worked on Micromobility Products using the company’s electric vehicle technology and had submitted a trademark for bicycles, electric bicycles and related parts at the beginning of 2022.
It is also planning to expand worldwide with its first flagship product intended for the United States and Europe in 2026, followed by tailor-made electric vehicles for Asia and South America.
(Reporting by Akash Sriram in Bengaluru; adaptation by Krishna Chandra Eluri)
