(NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN) CEO RJ Scaringe reportedly told employees at at meeting on Friday that the company is developing an electric bike in what could be a surprising expansion of the product lineup amid a new cost-cutting mindset.

Sources said Scaringe disclosed that a small group of engineers is actively working on the micromobility concept. It is not known if the product will be closer to a motorcycle, scooter, or bicycle. Currently, Rivian builds a battery electric pickup, a plug-in SUV, and electric delivery vans.

Shares of Rivian Automotive (RIVN) are up 14.76% in 2023 so far, but still trade far below the IPO pricing level of $78 and all-time high of $172.01.

Earnings reports over the last week revealed that Ford (F) liquidated most of its ownership stake in the electric vehicle maker, but Amazon (AMZN) still holds a stake of 18%. Rivian is scheduled to report its own Q4 earnings report on February 28 and issue highly-anticipated production guidance for the full year. Looking ahead, analysts currently forecast that Rivian will post annual losses in 2023, 2024, and 2025 even as revenue zooms to over $15B.

Read the recent breakdowns on Rivian from Seeking Alpha authors.