Apple is reportedly in discussions with electric vehicle maker Rivian about a potential partnership, according to a report from DigiTimes on Monday night. While specific details are unclear regarding the nature of the alliance, sources from the supply chain in Taiwan have indicated that talks are ongoing. This news comes following Apple’s recent decision to cancel its “Project Titan” Apple Car in late February.
Meanwhile, Apple is gearing up for a “Let Loose” event on Tuesday morning, with expectations of new iPad announcements. In a separate event, Rivian is set to report its first-quarter earnings on Tuesday night. Both companies are positioned to make important moves in their respective sectors as they navigate through the evolving automotive industry.
In terms of stock performance, Apple experienced a slight dip of 0.9% to 181.71 in Monday’s trading session, despite a 6% increase in shares on Friday following positive quarterly earnings results and a sizeable buyback plan of $110 billion. On the other hand, Rivian’s stock saw a 2.6% climb to 10.33, encountering resistance at its 50-day moving average after reaching a record low the previous month. With a market capitalization of just $10 billion, Rivian is positioned to navigate through its challenges in the competitive EV market.
As investors continue to monitor key players like Apple and Rivian for potential growth opportunities, it remains uncertain whether these reported talks with Rivian will materialize into a concrete partnership. However, both companies are well-positioned to make important moves as they adapt to technological advancements and strategic partnerships shaping the future of the automotive industry