After the discontinuation of the Apple Car project, Gene Munster, an analyst at Loop Ventures, proposed that Apple should consider purchasing electric vehicle manufacturer Rivian as a strategic venture to ensure the company's continued growth. Munster expressed his views on CNBC, highlighting the necessity for Apple, as a technology firm, to explore new avenues for expansion to maintain its growth trajectory. He underscored the challenge of sustaining revenue growth, noting Apple's static top line over the last six quarters.
Munster believes that while Vision Pro presents an opportunity, entering the automotive industry could significantly boost Apple's revenues, potentially increasing it by 60% if they captured 10% of the market. Although speculative, Munster pointed out that acquiring Rivian could be a feasible strategy for Apple to tap into the vast automotive market, aligning with its need to break into substantial new markets to propel growth. This suggestion comes amidst the backdrop of an Apple executive involved in the Apple Car project transitioning to Rivian in early 2024.
Gene Munster has a history of making bold predictions about Apple's market capitalization and product launches, including the anticipated release of Apple Vision Pro and an Apple Television that never materialized. His proposition for Apple to buy Rivian reflects his view that the tech giant needs a significant new venture to continue its growth momentum.