Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rallied strongly in premarket trading on Tuesday even as the electric vehicle startup gears up to announce its first-quarter results.

The strength may be attributable to rumors that Apple, Inc. (NASDAQ:AAPL) is discussing a deal with Rivian. Reports, citing Digitimes, said the tech giant was “assessing the possibility of teaming up with a certain U.S. EV startup, and Rivian is a very likely candidate,” with Apple suppliers reportedly the source of the speculation. No further details were available on the rumored pact.

The fact that Digitimes is based out of Taiwan, which houses a slew of Apple suppliers, lends some credence to the rumor.

For Rivian, a potential tie-up with Apple in any form could be positive, especially at a time when it is struggling to survive in a brutal EV market and is also cash-strapped.

If the rumors prove to be true, it could be a win for Apple too, potentially giving it some exposure to the EV market. Cupertino decided to pull the plug on its decade-old EV project earlier this year.

Rivian is also scheduled to report its quarterly results after the market close. Analysts, on average, expect the company to report a loss of $1.17 per share on revenue of $1.163 billion, according to Benzinga Pro data. Investors may also focus on any updates to its 2024 production guidance, currently at 57,000 units, and the upcoming R2 platform vehicles.

In premarket trading, Rivian rose 5.52% to $10.90, according to Benzinga Pro data.

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