According to a report from Bloomberg, CEO RJ Scaringe told employees during the meeting that the automaker has a "small group" of engineers working on the project. Although the outlet couldn't confirm if Scaringe was referring to an electric motorcycle or bicycle, it notes that Rivian has patents for cycling components and designs. The news of Rivian's potential entry into the e-bike market comes at a time when the company announced layoffs that would affect six percent of its workforce.
This recent restructuring is aimed at refocusing the company on scaling production of its R1T and R1S EVs and ultimately becoming profitable in the long run. Scaringe reportedly told employees that the company had spread itself too thin by trying to do too much at once.
Expanding into the e-bike market, even before the company has made a profit, may seem counterintuitive, but it could actually be a smart move for Rivian. The cycling market, including e-bikes, has been growing in popularity, with electric bikes consistently outselling electric cars and trucks. Electric bikes are also significantly cheaper to produce and therefore cost less for consumers, which could be what Rivian needs to become profitable sooner.
Source: Bloomberg
