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Apple Could Be Looking At More Partnerships In EV Quest: Analyst

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Apple Could Be Looking At More Partnerships In EV Quest: Analyst

With South Korean auto giant Hyundai Motor Company GDR (OTC: HYMTF) confirming that it's in talks with Apple Inc. (NASDAQ: AAPL) regarding an electric vehicle manufacturing partnership, an analyst at Wedbush sees many more tie-ups on the horizon.

The Apple Analyst: Daniel Ives has an Outperform rating and a $160 price target for Apple shares.

The Apple Thesis: Apple is likely in the early stages of talks with Hyundai, Ives said. The tech giant could be looking at a handful of strategic partnerships and collaborations globally, with existing automakers on the EV front.

Related Link: Apple's Self-Driving Car Is At Least 5 Years Away: Report

The Hyundai news is in line with Ives' earlier expectation that Apple will ultimately announce a EV strategic partnership in 2021, laying the groundwork to enter the burgeoning EV space.

A potential larger strategic partnership with an established EV player such as Tesla Inc. (NASDAQ: TSLA) or Volkswagen AG (OTC: VWAGY) would be a golden partnership for the next decade tapping into this EV opportunity, the analyst said.

The chances of strategic partnerships with the likes of a Tesla, Volkswagen, Hyundai or other auto manufacturers in China such as XPeng Inc. – ADR (NYSE: XPEV) and Nio Inc. – ADR (NYSE: NIO) are in the 70%+ range over the next few years, Ives estimates.

Latest Ratings for AAPL

DateFirmActionFromTo
Feb 2021RBC CapitalAssumesOutperform
Jan 2021DA DavidsonMaintainsBuy
Jan 2021Deutsche BankMaintainsBuy

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