Tesla Motors stock received a huge bump on Tuesday, Feb. 18, after rumors began swirling that Apple would be buying the company to diversify away from computers — and into cars.

Apple Acquiring Tesla Motors?

Rumors began after The San Francisco Chronicle published an article Sunday claiming that Tesla Motors CEO, Elon Musk, had a secret meeting with Apple’s acquisitions chief, Adrian Percia. Though the meeting is said to have taken place in spring of 2013, word had not surfaced until this week. Apple has not returned any calls for comment and a Tesla spokeswoman refused to comment for the local paper.

Apple is not only focusing on expanding into the electric car market. The report also suggests that Apple is looking into the medical devices industry. Specifically, the paper notes technology to detect heart attacks before they happen.

Following the circulation of the report, Tesla had its biggest growth on Tuesday, closing out the day with shares valued at $203.70. And many have speculated that the deal would also be good business for Apple. As the market for tablets and smart phones expands, so does the competition. With Apple’s growth slowing, some suggest it could make sense for them to diversify. Financial analyst, Adnaan Ahmad, made waves last year when he wrote an open letter to Apple encouraging them to acquire Tesla Mortors, writing, “the problem I see with your stock is that in the absence of any ‘out of the box’ move to a sizable new vertical market, the key debate will always be about your ability to sustain these ‘abnormal’ margins in your iPhone business.”

Apple And Tesla Partnership Most Likely

Tesla Motors is currently valued at $24 billion, easily affordable for Apple, a company worth $285 billion. Even though Apple has the funds, an acquisition is unlikely. Analysts agree that it is more likely that Apple and Tesla Motors are working on a partnership. One possible joint venture is Tesla Motor’s foray into lithium-ion batteries. Tesla is already working on a ‘giga factory’ to develop the batteries and Apple, a battery heavy company, would most likely be interested.

Olivia Truffaut-Wong

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