©Reuters. Apple CEO Tim Cook drives in a Rivian electric pickup: Here’s what we know
The CEO of one of the world’s largest companies was spotted in an electric pickup truck in Idaho on Thursday. While this wouldn’t normally be big news, it’s because the company has previously been linked to a potential acquisition or partnership with an electric vehicle company.
What happened: Apple Inc. (:NASDAQ:) CEO Tim Cook was spotted in a Rivian Automotive (NASDAQ:RIVN) R1T electric pickup truck on Thursday, Bloomberg reports.
Cook reportedly borrowed the metallic green pickup for the Sun Valley Convention in Idaho. The chef drove the truck from Sun Valley Resort to a restaurant for dinner.
RJ Scaringe, CEO and co-founder of Rivian, attends the Sun Valley conference. According to the report, Scaring brought the R1T and the R1S, the electric vehicle maker’s sports utility vehicle. Sources say Scaring’s vehicles have attracted many visitors, including CEOs and founders of public companies.
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Why It Matters: Apple has been working on its electric vehicle initiative for years. Many analysts point out that Apple will eventually acquire or partner with an existing electric vehicle company to advance the division rather than starting from scratch.
Loaning the vehicle could indicate that Scaring and Cook at least spoke at the incident. While this may just be a goodwill gesture, it could also fuel speculation between Apple and Rivian.
Rivian’s shares are down more than 68% since its IPO in November, and the company now has a market cap of $28 billion.
Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk will also attend the Sun Valley conference. Rivian is considered a great rival of Tesla.
Musk and Cook made headlines together when a book claimed Cook offered to buy Tesla. Musk reportedly said he would agree to the deal if he could become Apple’s CEO after the acquisition.
Musk denied the claim and said he never spoke to Cook. Musk had said he asked to meet Cook about a potential acquisition of Tesla by the tech giant, but Cook declined to meet with him.
Cook said in an interview that he never spoke to Musk and went on to praise what Musk did with Tesla.
“You know, I’ve never spoken to Elon, although I have great admiration and respect for the company he built,” Cook said. “I think Tesla has done an incredible job not only building the lead, but maintaining the lead in the EV space for so long.”
Photo: Apples; Car via Rivian
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