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Rivian Automotive (NASDAQ: RIVN) CEO RJ Scaringe reportedly told employees at a meeting on Friday that the company is developing an electric bicycle in what could be a surprise expansion of its product offering amid a new way of thinking about cost reduction.
Sources said Scaringe discovered that a small group of engineers was actively working on the micromobility concept. It is not known whether the product will be closer to a motorcycle, scooter or bicycle. Rivian currently produces a battery-powered electric pickup truck, a plug-in SUV, and an electric delivery vehicle.
Shares of Rivian Automotive (RIVN) rose 14.76% in 2023 so far, but is still trading well below its IPO price level of $78 and its all-time high of $172.01.
Earnings reports over the past week revealed that Ford ( F ) liquidated most of its ownership stake in the electric vehicle maker, but Amazon ( AMZN ) still holds an 18% stake. Rivian is scheduled to report its fourth-quarter earnings on Feb. 28 and issue expected full-year production guidance. Looking ahead, analysts currently forecast Rivian to post annual losses in 2023, 2024 and 2025, even if revenues grow to more than $15 billion.
Read the recent Rivian breakdowns by Seeking Alpha.