The company that brought you the iPhone and Apple Watch is now the biggest car company in the world.
Apple, which has been valued at $13.6 billion in the past three months, says it is selling the Mercedes-AMG brand, its biggest and most successful automotive brand.
“We’re going to do what’s best for our customers, our employees and our shareholders,” Apple CEO Tim Cook said in a speech in Los Angeles on Wednesday.
“We have a brand that’s so iconic and iconic and successful, that we are now going to be a brand with a new direction and a new mission.”
Cook, who joined Apple in 2012, has taken on a new role in his career as he tries to revive the company and make it more profitable.
The move, which comes after a disappointing 2013, has put pressure on the company to deliver on promises to build more of its product lines and to improve the quality of its products.
But the biggest change for the company is the sale of its Mercedes-amg brand to Apple, the largest car company of any kind in the U.S. Cook has already faced criticism for the sales of the company’s Apple Watch, a product that has been controversial for its lack of waterproofing and charging capabilities.
The deal comes after several months of struggling for financial stability as it grapples with a cash crunch.
Analysts said the new purchase was a signal that Apple is ready to get back to business.
While some analysts have said that Cook’s strategy has been to go big and get in on a big piece of the auto industry, analysts have cautioned that the company may not be able to get to profitability on its own.
In May, Apple revealed that it had purchased a controlling stake in General Motors for $18 billion.
Analyzing the deal, Moody’s Investors Service said that the deal would provide “strong shareholder value” for the two companies, as well as create jobs.
Analysts have said the deal could help Apple cut its corporate tax rate, which is already 30% to 35% to encourage investment and create more jobs.
But analysts have also cautioned that this deal could hurt the stock, which fell by 4% to $38.60 Wednesday.
Shares of the U,S.
automaker fell 8.3% to a high of $3866.46 Wednesday.