- Apple (AAPL) is reportedly in discussions with electric vehicle (EV) manufacturer Rivian (RIVN) about a potential partnership, according to DigiTimes.
- The nature of this potential alliance remains unclear, especially since Apple discontinued its “Project Titan” Apple Car in February.
- Both Apple and Rivian stocks saw a slight increase on Tuesday morning following the news.
Apple and Rivian are reportedly in talks about a potential partnership, causing a slight increase in both companies’ stocks. The nature of this partnership remains unclear.
Apple and Rivian Stock Performance
Apple’s stock rose by 1% early on Tuesday, following a 0.9% dip to 181.71 in Monday’s trading. This comes after a 6% increase on Friday due to better-than-expected quarterly earnings and a $110 billion buyback. Rivian’s stock also saw an increase, opening higher and then settling to a 1.7% increase to 10.51. This puts it above its 50-day line. Rivian’s stock had risen by 2.6% on Monday, despite hitting a record low last month. As of Monday’s close, Rivian had a market cap of just $10.1 billion.
Uncertainty Surrounding the Potential Partnership
The report from Taiwan-based DigiTimes cited supply chain sources, but did not provide details on what the potential partnership between Apple and Rivian might entail. It is also unclear whether these discussions are actually taking place. Even if they are, it’s important to note that talks do not necessarily lead to a formal agreement or partnership. Apple is also hosting a “Let Loose” event on Tuesday morning, which is expected to focus on new iPads, while Rivian is set to report its first-quarter earnings on Tuesday night.
Conclusion
The potential partnership between Apple and Rivian has sparked interest in the stock market, leading to a slight increase in both companies’ stocks. However, the nature and certainty of this partnership remain unclear. Investors and market watchers will likely be keeping a close eye on both companies in the coming days and weeks.
