Market Chatter: Rivian Automotive Reportedly Developing Electric Bike

MT Newswires · 02/04 03:54

02:52 PM EST, 02/03/2023 (MT Newswires) -- Rivian Automotive's (RIVN) Chief Executive Officer RJ Scaringe reportedly told staff at a meeting Friday that the company is developing an electric bike, Bloomberg reported, citing unnamed people familiar with the matter.

He said a small group of engineers is actively working on it, Bloomberg said, adding that it was not clear if he was talking about an electric motorcycle or bicycle.

Scaringe also told staff that the 800 job cuts made recently were to refocus on increasing production of its electric vehicles and long-term profitability, Bloomberg cited the same people as saying.

Rivian representatives declined to comment, Bloomberg reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 20.06, Change: -0.82, Percent Change: -3.95

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.