Tim Cook, the CEO of Apple ((AAPL)), has undoubtedly revived the rivalry with Tesla ((TSLA)) and its boss Elon Musk.
Cook and Musk are among the most recognizable faces in tech, along with Mark Zuckerberg of social media giant Meta Platforms ((META)). If Cook has often appeared discreet, Musk cultivates his character as an omnipresent and influential CEO. The two men run two companies that have become household names.
Apple and its flagship product, the iPhone, are the benchmark when it comes to smartphones. Tesla is the center of today's automobile industry. When a conversation revolves around electric vehicles, it's hard not to hear the name Tesla. Basically, Tesla is the electric car.
The two companies also rhyme with innovation, which makes them rivals. And Musk has never hidden that he would like to occupy the throne of innovation alone. The world's richest man seems to think he has eclipsed Steve Jobs, the founder of Apple.
The billionaire and Tesla executives have never ceased criticizing Apple. In February, Franz von Holzhausen, Tesla's chief designer, said that Apple had not invented anything for a very long time.
"Oh my God, I've heard about Apple products. Now is like there's nothing to look forward to. Right!" Franz von Holzhausen told Spike's Car radio in February. "I feel like it's just a continuation. It's just kind of a slight refinement on the same thing," he said. "Inspirationally, it's been hard to get, you know, super motivated by what they're doing."
Cook Took a Ride ... in a Rivian Car
In May, Musk himself did not hesitate to attack Apple by taking a stand on the controversial fee that the maker of the iPad and the Apple watch applies to in-app sales as well as in-app purchases. It's a 30% commission on the revenue generated by companies that use the Apple Store to distribute their applications to consumers on iPhones and tablets.
"Apple’s store is like having a 30% tax on the Internet. Definitely not ok," the tech tycoon posted on Twitter on May 3.
Two months later, the response from Apple has just fallen. And it's delivered by Cook himself. Indeed, the boss of the Cupertino, Calif.-based company, was seen on July 7 in an electric vehicle manufactured by Rivian Automotive ((RIVN)), one of the upstarts determined to challenge the hegemony of Tesla in the market of electric vehicles.
Cook borrowed the vehicle, a green metallic R1T pickup truck when he attended the famous Allen & Co Sun Valley Conference in Idaho, which brings together the big bosses, reports Bloomberg News. The CEO and other people accompanying him took the vehicle to go from the Sun Valley Resort, where the conference was held, to a Downtown restaurant.
Apple didn't immediately respond to a request for comment.
Is Apple Working on a Car?
Rivian currently produces three models -- the R1T electric pickup, the R1S electric SUV and the DEV electric delivery van -- at a plant in Normal, Ill. The automaker, based in Irvine, Calif., has some of the most advanced technological innovations, which make experts say that Rivian is one of the most serious rivals of Tesla.
The firm, whose shareholders are Amazon (AMZN) and the legendary financier George Soros among others, recorded last November the sixth largest IPO in history. But Rivian's stock has been slipping since the beginning of the year due to difficulties in managing increases in production rates. "Things seem to be looking up", Rivian said recently when announcing on July 6 that Rivian produced 4,401 vehicles during the second quarter that ended on June 30, and delivered 4,467 vehicles during the same period. The group has thus managed to increase its production by 72.4% from one quarter to the next.
As for Apple, press reports speculate about a takeover of the struggling EV maker Canoo (GOEV) by the company, which is currently working on its own vehicle project. According to Bloomberg, Apple and Canoo have had discussions in the past. Ulrich Kranz, former CEO of Canoo, is one of the top executives on the Apple Car Project.
The Cupertino, Calif., tech giant is particularly interested in Canoo engineers for their expertise in software, automotive manufacturing, drive trains, battery technology, and car interiors and exteriors.
