Shares of Apple rose sharply in pre-market trading on Tuesday, a day after Reuters reported that the world’s most valuable company aims to produce an “Apple Car” by 2024 with its own revolutionary battery technology.
Central to Apple’s strategy is a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range, Reuters reported Monday, citing a “person who has seen Apple’s battery design.”
Central to the company’s strategy is a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range.
“If Apple has achieved a battery breakthrough, this could serve as a driver to finally move forward with production given battery costs are one of the main obstacles to mass adoption of EVs,” Evercore analyst Amit Daryanani wrote.
“It is clear to us that Apple has ambitions in the transportation space, which could result in meaningful revenue for the company, the emergence of Tesla’s first true competitor, and further evidence that traditional auto is in a tight spot, absent any partnership with a tech giant,” wrote Gene Munster, managing partner at Loup Ventures.
MacDailyNews Take: An “Apple Car” coming in 2024 will be the talk of AAPL investors and shareholders today and for quite some time to come!
Whilst this is great for my portfolio, it is a bit ridiculous that the market reacts to news like this that is very speculative and will potentially only become a reality in 4 years time.
Yes, I know the stock market is forward looking but this is absurd.
As I understand it, Tim has an unused sapphire manufacturing facility in Arizona than he plans to repurpose
Every leader has failures. Steve had them too. But there’s no denying that the company is blazing hot, and generally executing very well in recent years. I’m hoping that the Car will be an outstanding hit, and yet another nail in the coffin of the persistent naysayers!
Yes can’t deny there has been a massive turn around this past 2 years or so that is something of a surprise after 5 or 6 years of at best adequate updates of past successes and missed opportunities like home speakers and Siri’s and Apple TV stagnation. Certainly on a role now and Tim’s saved his job by overseeing it.
I will be interested in this new battery technology they are talking about and whether it stands up to scrutiny many concerns are making similar boasts I note so we will see it’s true significance. There will certainly need to be some compelling aspect to stand out in what is likely to be a deeply competitive period in the mid twenties onwards. All sorts of new competitors will be making entries and most significant will be Chinese and Asian based businesses suddenly fighting on near equal terms as branding moves far beyond traditional car companies and traditional brands will need to prove their worth in this new rapidly developing world order.