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Rivian Cars (NASDAQ:RIVN) RJ CEO Scaringe reportedly told employees at a meeting on Friday that the company is developing an electric bike, which could be a surprising expansion of the product line in the background New cost-cutting mindset.
Sources said Scaringe disclosure that a small group of engineers are actively working on the concept of micro-mobility. It is unknown whether the product will be closer to motorcycles, scooters or bicycles. Currently, Rivian builds battery-powered pickups, plug-in SUVs, and electric delivery vans.
Shares of Rivian Automotive (RIVN) is up 14.76% in 2023 so far, but still trading well below the IPO valuation of $78 and the all-time high of $172.01.
Last week’s earnings report revealed that Ford (F) liquidated most of its ownership stake in the electric vehicle maker, but Amazon (AMZN) still holds a share rate of 18%. Rivian is expected to report its own Q4 earnings on February 28 and deliver highly anticipated manufacturing guidance for the full year. Looking ahead, analysts now forecast that Rivian will experience annual losses in 2023, 2024, and 2025 even as sales grow to more than $15 billion.
Read recent Rivian incidents from Search for Alpha author.
