Monday saw Apple stocks’ rising by 4.7% after the rumors that the tech giant would release an all-electric autonomous car in 2024.
A while ago, Apple had started working on “Project Titan,” a project aiming to develop an all-electric and autonomous car. However, it stopped the project shortly after, deciding to focus on self-driving tech instead.
Nonetheless, according to Reuters, the “Apple Car” is again in the tech giant’s plans. As per rumors, Apple currently works on improving existing technologies. As a result, the car should be more efficient and safer compared to similar vehicles.
The Apple car news inadvertently hit Apple’s stock positively. By the time the stock markets closed on Tuesday, Apple stock’s price had increased by about 2.9%, reaching $131.88. Thanks to that, the company’s valuation increased by more than $60 billion on Monday. It is interesting to note that the entire stock value of General Motors is only about $58.
This might be a very alarming sign for other carmakers, including Tesla. The current most valuable automaker closed on Tuesday with stocks dropping 6.5%. We can<t be sure the Apple car is the only culprit here, but it sure looks like it.
Still according to rumors, Apple is possibly working on mono-cell batteries, which might increase the range significantly. However, according to Elon Musk, using a mono cell creates 100-times lower voltage, limiting performance.
It’s also important to mention that many Wall Street experts believe that Apple would not be entering the automotive sector any time soon. Unlike other markets, developing cars takes a lot of time and resources, especially to establish a successful and effective supply chain.
Nonetheless, if there is someone that can do it, it’s undoubtedly Apple.
