Rivian, an electric vehicle maker, is reportedly in discussions with Apple about a potential partnership, according to a report from DigiTimes on Monday night. While specific details regarding the nature of the alliance are unclear, sources from the supply chain in Taiwan have indicated that talks are ongoing. This news comes after Apple recently cancelled its “Project Titan” Apple Car project in late February.
It remains uncertain whether these reported talks with Rivian will materialize into a concrete partnership, as discussions do not always translate to formal agreements. 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.
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 the future of the automotive industry unfolds with technological advancements and strategic partnerships, investors continue to monitor key players like Apple and Rivian for potential growth opportunities. Whether these talks result in a significant collaboration or not
