Rivian Automotive (NASDAQ: RIVN) shares jumped more than 5% on Monday as the electric vehicle (EV) company hired a second Apple (AAPL) executive in under a month. This hiring trend suggests additional setbacks for the Apple Car, with its anticipated release now postponed to 2028.
The stock of Rivian Automotive (NASDAQ: RIVN) is experiencing a positive impact due to the postponement of the Apple (NASDAQ: AAPL) Car.
D.J. Novotney, currently recognized on LinkedIn as the Vice President-Engineering at Apple, is set to assume the role of Senior Vice President of Vehicle Programs at Rivian under the supervision of CEO RJ Scaringe.
No Apple Car?
Upon his departure, Novotney released a memo stating,
“Apple has been my life.”
During his tenure at the company, he contributed to various products, including the iPod, iPhone, iPad, and Watch.
Novotney marks the second executive from Apple Car to transition to Rivian this month, a nascent enterprise associated with Amazon (NASDAQ: AMZN). Preceding him, Jonas Reinke, an Apple veteran of four years, embraced a role at Rivian as the Vice President of Product Management. Reinke is now responsible for the development of Rivian’s in-car software. Last year, Rivian acquired Iternio, a route-planning firm based in Sweden.
The recent executive transitions may reflect more on Apple than Rivian. The launch of the Apple Car, originally expected this year, was later delayed to 2026 and has been recently pushed back to 2028.
Apple represents the second Cloud Czar to retreat from the automotive industry. Alphabet (NASDAQ: GOOGL, NASDAQ: GOOG) underwent three layoffs at its Waymo division past year.
The progression toward self-driving cars has encountered setbacks lately, with several federal agencies launching investigations into General Motors’ (NYSE: GM) Cruise unit due to accidents.
Rivian is primarily known for its premium R1T truck and a contract for 100,000 Amazon delivery vans. Last week, CEO Scaringe expressed intentions to broaden the product range. The company is channeling this endeavor towards a factory in Georgia, slated for completion in 2026.
Rivian (NASDAQ: RIVN) Stock Reaction
RIVN stock surged 5.43% on Monday. The traders had exchanged hands with 37,435,960 (37.43 million) shares compared to the average daily trading volume of 36.31 million.
