Although layoffs and economic disruptions are becoming more commonplace in 2023’s news cycle, especially in the tech world and its adjacent circles, EV manufacturer Rivian’s recent six-percent reduction in its staff wasn’t the only news from the electric truck manufacturer that caught our attention this week. There are also rumors that the company — known for the R1T electric pickup and R1S SUV — is taking steps to enter the e-bike market.
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Although details are thin on the ground at the time of this writing, according to Bloomberg and Engadget, Rivian’s chief executive officer, R.J. Scaringe, told staffers that the EV maker is potentially expanding its fleet. Here’s what we know.
Will Rivian’s new e-bike be a bicycle, or a motorcycle?
Both are possibilities at this point. However, Bloomberg did note that Rivian holds patents for cycling components and designs, making an e-bike a more likely development.
How might Rivian’s e-bike compare with competitors?
The e-bike market has grown considerably in the last three years — according to market research, the “global e-bike market size was valued at USD 17.56 billion in 2021 and is expected to reach over USD 40.98 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 9.6% from 2021 and 2030.”
With plenty of stiff competition in an over-saturated market, Rivian’s new venture into the micro mobility category will need to stand out from the crowd. Details are scarce at the moment, but the reality that e-bikes (or electric motorcycles, for that matter) are cheaper to produce and easier on consumer’s wallets; both of which would make sense as motivators for Rivian’s interest in the category.
