Apple is reportedly in discussions with EV maker Rivian about a potential partnership according to a report from DigiTimes on Monday night. The sources cited in the report are from the supply chain in Taiwan. However, the details of any potential alliance between the two companies remain unknown. In late February, Apple ceased its long-standing “Project Titan” Apple Car initiative.
It is uncertain whether the talks between Apple and Rivian are ongoing or if they will lead to any significant agreements. Despite this uncertainty, Apple is set to hold a “Let Loose” event on Tuesday morning, which is expected to center around new iPads. Rivian, on the other hand, is expected to report its first-quarter earnings on Tuesday night.
In Monday’s trading session, Apple stock saw a 0.9% decline to $181.71, despite a 6% increase on Friday following better-than-expected quarterly earnings and a $110 billion buyback. Meanwhile, Rivian stock rose 2.6% to $10.33 but faced resistance at its 50-day moving average line, continuing a downward trend that hit a record low the previous month. Rivian currently boasts a market capitalization of $10 billion.
For more updates, you can follow Ed Carson on Threads at @edcarson1971 and on Twitter at @IBD_ECarson. Some other recommended articles include “The Robotic Surgeon Will See You Now,” “Best Growth Stocks To Buy And Watch,” “IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today,” and “Tesla Is A 2024 Loser, But It’s Cheaper, Right? Nope.”