According to reports, Apple is in talks with electric vehicle maker Rivian about a potential partnership. While specific details are unclear, sources from the supply chain in Taiwan have confirmed that discussions are ongoing. This news comes after Apple canceled its “Project Titan” Apple Car project in late February.
Apple is also gearing up for its “Let Loose” event on Tuesday morning, where it is expected to announce new iPad models. In a separate event, Rivian will report its first-quarter earnings on Tuesday night.
In terms of stock performance, Apple’s shares saw 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 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 continues to evolve with technological advancements and strategic partnerships, investors remain focused on key players like Apple and Rivian for potential growth opportunities. Whether these talks result in a significant collaboration or not, both companies are set to make important moves in their respective sectors. Stay tuned for further developments in this evolving story.