Rivian's spinoff thinks America's $51,000 average car price creates an opening for e-bikes

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Chris Yu, the president and cofounder of Rivian spinoff Also, said the perfect garage will one day include a family SUV and an around-town e-bike.

Cars are expensive. So, why not drive more two-wheeled options? That's what Also, a spinoff from EV-maker Rivian, is trying to convince customers. After months of delays, the company has begun delivering its $3,500 to $4,500 TM-B e-bikes to customers. "The bike is almost like a Trojan horse for what's coming," Chris Yu, the cofounder and president, told Business Insider during a sit-down interview. As cheap new cars keep disappearing from the US market and the average vehicle transaction price hovers above $51,000, several companies see an opportunity with small vehicles. Toyota, for example, is bringing a tiny kei truck to the US market with a max speed of 25 mph.

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