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Bloomberg Audio Studios, podcasts, radio news.

We welcome our global radio and TV audiences. Now. Evmaker Rivian recently announcing it will be spinning out a new company called Also, with the aim to develop evs for short trips one hundred and five million dollar funding from Rivian and VC firm Eclipse for More. I'm very pleased to say we're welcoming Eclipse partner Jettin Bell and Rivian CEO RJ Scarrange. Great to have you both here, and RJ I start with you the spin out of Also Now, why is it better now to let it thrive in a solo manner?

We welcome our global radio and TV audiences. Now. Evmaker Rivian recently announcing it will be spinning out a new company called Also, with the aim to develop evs for short trips one hundred and five million dollar funding from Rivian and VC firm Eclipse for More. I'm very pleased to say we're welcoming Eclipse partner Jettin Bell and Rivian CEO RJ Scarrange. Great to have you both here, and RJ I start with you the spin out of Also Now, why is it better now to let it thrive in a solo manner?

Yeah, well, well thanks for having us on. Yeah, you know, we think about overall transportation space and what needs to happen. Of course, there's electrification of vehicles and the infrastructure that we know of today, and that's what Rivian's been focused on. Of course, first the United States and you know with our R two program soon in Europe. But there's a lot of trips and a lot of miles that are much shorter distance and actually work better with something that's a much smaller form factor. And so we kicked off a skunkworks team a few years ago to look at how we could take our core technology stack can apply it in a very low cost, much smaller form factor. And as that played out, we realized that the idea was really had a lot of had a lot of legs.

Yeah, well, well thanks for having us on. Yeah, you know, we think about overall transportation space and what needs to happen. Of course, there's electrification of vehicles and the infrastructure that we know of today, and that's what Rivian's been focused on. Of course, first the United States and you know with our R two program soon in Europe. But there's a lot of trips and a lot of miles that are much shorter distance and actually work better with something that's a much smaller form factor. And so we kicked off a skunkworks team a few years ago to look at how we could take our core technology stack can apply it in a very low cost, much smaller form factor. And as that played out, we realized that the idea was really had a lot of had a lot of legs.

It was a.

It was a.

Powerful idea, and we decided that this idea was big enough to deserve being its own business, and so we took the decision to spin it out. Eclipse led the financing of that with one hundred and five million dollars investment, as you said, and we're really excited about what's the comt We haven't shown any of the products yet, but they're absolutely incredible.

Powerful idea, and we decided that this idea was big enough to deserve being its own business, and so we took the decision to spin it out. Eclipse led the financing of that with one hundred and five million dollars investment, as you said, and we're really excited about what's the comt We haven't shown any of the products yet, but they're absolutely incredible.

Let's therefore ask you, Jane, how is this relationship going to evolve? What's the sort of closeness you're going to be doing because r J is going to be on the board.

Let's therefore ask you, Jane, how is this relationship going to evolve? What's the sort of closeness you're going to be doing because r J is going to be on the board.

Yes, I think it's exciting because I spent many years at Rivian working closely with RJ, and now in this new role at Eclipse, you know, really excited to invest in this opportunity and really disrupt the micromobility space. Yeah, I'm really excited to partner again with RJ and the Rivin team as well as the Also team. To, you know, bring this vision to life.

Yes, I think it's exciting because I spent many years at Rivian working closely with RJ, and now in this new role at Eclipse, you know, really excited to invest in this opportunity and really disrupt the micromobility space. Yeah, I'm really excited to partner again with RJ and the Rivin team as well as the Also team. To, you know, bring this vision to life.

Jten, I ask you the consumer issues here though we're a little bit worried, to say the least about the economy here in the US. Do you think that the consumer is going to be there to back this more than one hundred million dollars that you're putting behind this offering that starts to get into our hands in twenty twenty six.

Jten, I ask you the consumer issues here though we're a little bit worried, to say the least about the economy here in the US. Do you think that the consumer is going to be there to back this more than one hundred million dollars that you're putting behind this offering that starts to get into our hands in twenty twenty six.

Yeah.

Yeah.

Absolutely.

Absolutely.

I think if you look at the transportation ecosystem around the world, it's under so much of stress when it comes to infrastructure limitations, when it comes to congestion, comes to pollution, and micromobility is a very important piece of that puzzle. You know, more cars, more buses, more trains is not going to be the answer. You need something smaller, something more flexible to complement those other modalities, and we believe that micromobility is a perfect solution to that. It's a large market already, it's growing very rapidly around the world. But if you look at the solutions, you know they're very weig technically, very poor user experience. They lack reliability, and this is where the opportunity is. And I think the consumer is waiting for something more compelling to.

I think if you look at the transportation ecosystem around the world, it's under so much of stress when it comes to infrastructure limitations, when it comes to congestion, comes to pollution, and micromobility is a very important piece of that puzzle. You know, more cars, more buses, more trains is not going to be the answer. You need something smaller, something more flexible to complement those other modalities, and we believe that micromobility is a perfect solution to that. It's a large market already, it's growing very rapidly around the world. But if you look at the solutions, you know they're very weig technically, very poor user experience. They lack reliability, and this is where the opportunity is. And I think the consumer is waiting for something more compelling to.

Hit the market.

Hit the market.

Ah, Jay, it's a global opportunity on micro mobility, and you just talked about how it's a global opportunity for you right now with Rivian and they are two roll out. This is a difficult time to be a global business. How are you preparing yourself to access the European market when we're worrying about tariffs and you've always set aside hundreds of millions of dollars in potential policy.

Ah, Jay, it's a global opportunity on micro mobility, and you just talked about how it's a global opportunity for you right now with Rivian and they are two roll out. This is a difficult time to be a global business. How are you preparing yourself to access the European market when we're worrying about tariffs and you've always set aside hundreds of millions of dollars in potential policy.

Implod Yeah, I mean it's you know, it's a very complex environment. You know, as Rivian, we're spending a lot of time interpreting and understanding what the teriff implications are for us, of course here in the United States, but I think importantly recognizing that, you know, in particular Europe may respond and so how the ultimately the teriff structure sets out and lays out is going to have a big impact on some of the decisions to make over the next year.

Implod Yeah, I mean it's you know, it's a very complex environment. You know, as Rivian, we're spending a lot of time interpreting and understanding what the teriff implications are for us, of course here in the United States, but I think importantly recognizing that, you know, in particular Europe may respond and so how the ultimately the teriff structure sets out and lays out is going to have a big impact on some of the decisions to make over the next year.

We're staying very very close to it. But it's, as you've called out.

We're staying very very close to it. But it's, as you've called out.

It's a very dynamic situation and I think some of the uncertainty is what makes it the most challenging to navigate.

It's a very dynamic situation and I think some of the uncertainty is what makes it the most challenging to navigate.

Oh, Ja, are you in close discussions with the administration itself, have you been getting a glean and what they're thinking of for the future.

Oh, Ja, are you in close discussions with the administration itself, have you been getting a glean and what they're thinking of for the future.

Well, I think, you know, one of the things to that's important just if we take a big step back from all the noise of what's happening. You know it's going to happen tomorrow with some of the tariffs that have been talked about and will be rolled out. I think big step back is there's a clear directive to drive technology and manufacturing into the United States.

Well, I think, you know, one of the things to that's important just if we take a big step back from all the noise of what's happening. You know it's going to happen tomorrow with some of the tariffs that have been talked about and will be rolled out. I think big step back is there's a clear directive to drive technology and manufacturing into the United States.

And for Yvian, we're a US company.

And for Yvian, we're a US company.

We have just under seventeen thousand employees here here in the US. We have a plant in Chicago or just south of Chicago and Normal, Illinois, and we're building another plant in Georgia. So we're growing rapid here in the United State. It's one hundred percent of our vehicles that they are produced here and all of our technologies here. So in terms of the administration's objectives, we're very aligned with what's being asked and what I think the overall policy.

We have just under seventeen thousand employees here here in the US. We have a plant in Chicago or just south of Chicago and Normal, Illinois, and we're building another plant in Georgia. So we're growing rapid here in the United State. It's one hundred percent of our vehicles that they are produced here and all of our technologies here. So in terms of the administration's objectives, we're very aligned with what's being asked and what I think the overall policy.

Framework is trying to drive towards.

Framework is trying to drive towards.

But you know, in terms of how that translates to our expansion in Europe and elsewhere, you know, we do have to recognize that it's a very dynamic environment. Our production footprint may be different than we'll be originally planning.

But you know, in terms of how that translates to our expansion in Europe and elsewhere, you know, we do have to recognize that it's a very dynamic environment. Our production footprint may be different than we'll be originally planning.

But I think all of us, you know.

But I think all of us, you know.

Across all the different auto manufacturers are waiting to see how things look once it does settles.

Across all the different auto manufacturers are waiting to see how things look once it does settles.

That uncertainty, Jaten, I'm sure is affecting you as a team of operators investors. How are your other founders coping with this moment?

That uncertainty, Jaten, I'm sure is affecting you as a team of operators investors. How are your other founders coping with this moment?

Yeah, I think uncertainty is the key word here. I feel that what is in our control is to focus on two things. Making sure that founders building in the physical industries have the maximum control on the stack, you know, on what they design, what they engineer. If you have control over it, then you're able to make decisions to optimize around different environments. And the second thing is to build that resilience and flexibility in the supply chain so that it is able to navigate again short term, medium term, and long term changes in the policy environment. So I think the key word there for our founders is control the controllables. There are things are going to change, things are going to change back. I think what is most important is to build a resilient strategy and a supply chain network within the company that can navigate all these different environments.

Yeah, I think uncertainty is the key word here. I feel that what is in our control is to focus on two things. Making sure that founders building in the physical industries have the maximum control on the stack, you know, on what they design, what they engineer. If you have control over it, then you're able to make decisions to optimize around different environments. And the second thing is to build that resilience and flexibility in the supply chain so that it is able to navigate again short term, medium term, and long term changes in the policy environment. So I think the key word there for our founders is control the controllables. There are things are going to change, things are going to change back. I think what is most important is to build a resilient strategy and a supply chain network within the company that can navigate all these different environments.

A Jay a quick thirty second one for you. Do you think you've benefited from people moving away from Tesla for political reasons?

A Jay a quick thirty second one for you. Do you think you've benefited from people moving away from Tesla for political reasons?

Well, you know, one of the things that I think is often missed is we think about electrification. Is today only about eight percent new vehicle sales are electric here in the United States, And so when we think about competition and growing our market share, the biggest opportunity is bringing people into our new technology vehicles and introducing people into what it feels like to be in a connected, smart, of course electric vehicle. And so we really believe there needs to be a lot of choice in order for us to go from eight percent to fifty percent to eventually one hundred percent, we need lots of successful companies. We mean Tesla be successful, we continue to be very successful. We need Review to be successful, We need the existing legacy manufacturers to be successful. And so with our our two program, it's a much lower price vehicle. It's really cool, it's an incredible product. But what that'll do is we'll give customers another choice. And so we think the presence of another choice is going to be important from a brand and product attributes point of view.

Well, you know, one of the things that I think is often missed is we think about electrification. Is today only about eight percent new vehicle sales are electric here in the United States, And so when we think about competition and growing our market share, the biggest opportunity is bringing people into our new technology vehicles and introducing people into what it feels like to be in a connected, smart, of course electric vehicle. And so we really believe there needs to be a lot of choice in order for us to go from eight percent to fifty percent to eventually one hundred percent, we need lots of successful companies. We mean Tesla be successful, we continue to be very successful. We need Review to be successful, We need the existing legacy manufacturers to be successful. And so with our our two program, it's a much lower price vehicle. It's really cool, it's an incredible product. But what that'll do is we'll give customers another choice. And so we think the presence of another choice is going to be important from a brand and product attributes point of view.

Thank you both so much for your clarity of thought today when there is not much clarity in the economy. Jtenbo of Eclipse, r J. Scarrange of Rivian. Great to have you both on the show. Thank you.

Thank you both so much for your clarity of thought today when there is not much clarity in the economy. Jtenbo of Eclipse, r J. Scarrange of Rivian. Great to have you both on the show. Thank you.