Cars continued to move the markets as reports came out this week that Apple will be focusing its Apple car efforts on fully autonomous self-driving units.
This comes after EV-maker Rivian Automotive raised nearly $12 billion in its November 10th IPO, making for a $66.5 billion valuation for the fledgling company which started selling its first models in September.
Sensor company Luminar Technologies also saw its stock rise sharply on the announcement last week that its sensors would be incorporated in the NVIDIA Drive Hyperion autonomous vehicle platform by AI company NVIDIA.
In related news the EV market got a further boost this week with the passing of the Biden administration’s infrastructure bill which reserves $7.5 billion in funding for the goal of bringing some 500,000 EV chargers to American roads.
According to the AAPC automakers and their suppliers are America’s largest manufacturing sector, accounting for 3% of US GDP.