(NASDAQ:RIVN) | Seeking Alpha

Rivian Automotive (NASDAQ:RIVN) CEO RJ Scaringe reportedly instructed workers at at assembly on Friday that the corporate is creating an electrical bike in what could possibly be a shocking growth of the product lineup amid a brand new cost-cutting mindset.

Sources mentioned Scaringe disclosed {that a} small group of engineers is actively engaged on the micromobility idea. It’s not identified if the product might be nearer to a bike, scooter, or bicycle. At present, Rivian builds a battery electrical pickup, a plug-in SUV, and electrical supply vans.

Shares of Rivian Automotive (RIVN) are up 14.76% in 2023 to date, however nonetheless commerce far beneath the IPO pricing degree of $78 and all-time excessive of $172.01.

Earnings stories over the past week revealed that Ford (F) liquidated most of its possession stake within the electrical automobile maker, however Amazon (AMZN) nonetheless holds a stake of 18%. Rivian is scheduled to report its personal This fall earnings report on February 28 and difficulty highly-anticipated manufacturing steering for the total 12 months. Wanting forward, analysts at the moment forecast that Rivian will publish annual losses in 2023, 2024, and 2025 at the same time as income zooms to over $15B.

Learn the current breakdowns on Rivian from Searching for Alpha authors.