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!