• On Friday, the electric truck and SUV maker Rivian (RIVN) announced that it is venturing into e-bikes, and has contacted e-bike designers from major brands like Specialized. Rivian is developing its first model in-house, and its founder Scaringe has previously filed to expand its trademark to cover electric bicycles.
• Furthermore, Rivian recently shared its plans to lay off 6% of its workforce to cut costs. In this regard, the Rivian e-bike can be useful as electric bicycles are cheaper to develop and produce. They also have lower regulatory hurdles, so Rivian can reach the market faster with higher volume. This alternative to massive trucks and SUVs is also safe for urban populations and takes up less road space.