Is THIS $10 Stock Apple’s iCar Partner?

Apple (NASDAQ: AAPL) is reconsidering its iCar plans.

The iPhone maker had spent a decade and billions of dollars developing a self-driving car.

Then in February the company canceled its “Project Titan.”

New rumors suggest that Apple is in partnership discussions with Rivian (NASDAQ: RIVN), according to Apple Insider.

Executives at Apple and Rivian have no comment.

So, what’s going on?

It’s possible that Apple is pitching Rivian to use CarPlay in its EVs.

However, it’s also possible that the two companies could partner to develop a new EV with the Apple brand.

This could allow Apple to enter the EV market – without having to build its own manufacturing lines.

Meanwhile, it would be a boom for Rivian – which remains unprofitable.

Rivian stock is down more than 94% from its highs.

Shares are now trading below $10. And Rivian’s total market value is just $10.2 billion.

IF Apple CEO Tim Cook wants to enter the EV market…

Apple could easily acquire Rivian.

That’s because Apple is currently sitting on $67 billion of cash. And the company just announced plans for a $110 billion stock buyback.

Apple could easily pay $15 per share to acquire Rivian – a 50% premium to RIVN’s current share price.

It’s simply a matter of whether or not Apple wants to be in the auto business.

Rivian is on my current Watch List.

Shares are trading down 3.5% after yesterday’s earnings report.

Ian Wyatt