Apple Electric Passenger Vehicles May Be Making A Comeback
Rumor has it that Apple Inc is starting up it’s Electric Vehicle program and it will have self-driving technology. The talk also is they are planning to produce the Apple EV passenger car starting in 2024.
In the past the plan for Apple to build an electric car seemed to be shelved. Now perhaps due to leadership’s desire to reshuffle the company it may be back on track, or back on the road.
Project Titan, as it was called went along unevenly since 2014 when it first started to design its own vehicle from scratch.
Apple has progressed enough that it now aims to build a vehicle for consumers, two people familiar with the effort said, asking not to be named because Apple’s plans are not public. Central to Apple’s strategy is a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range, according to person who has seen Apple’s battery design.
Tesla – NIO – Apple Going Toe To Toe
Shares of Tesla, NIO a Chinese EV Manufacture ended lower this week while Apple shares ended 1.24% higher after the news.
Some Apple investors reacted to the Reuters report on the company’s plans with caution. Trip Miller, managing partner at Apple investor Gullane Capital Partners, said it could be tough for Apple to produce large volumes of cars out of the gate.
My initial reaction as a shareholder is, huh? Still don’t really see the appeal of the car business, but Apple may be eyeing another angle than what I’m seeing. – Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel
According to a new investor note from analysts at Morgan Stanley, a car from Apple would be “far more formidable competition than the established OEMs” to Tesla. Like any industry that Apple wades into, the analysts believe that Apple may be building its own self-driving car because it has identified an opportunity to “dramatically improve the user experience.”
Shares of NIO, a Chinese EV company have been on a roller coaster.
Apples New Radical Battery Design
The new battery Apple plans to use will reduce the cost of batteries and increase the vehicle’s range, according to a third person who has seen Apple’s battery design. Apple’s design means that more active material can be packed inside the battery, giving the car a longer range. The new design may use a chemistry called LFP, or lithium iron phosphate, which is inherently less likely to overheat and is thus safer than other types of lithium-ion batteries.
The EV total market could be as high as by 2027 is going to be $800 billion. Last year it was $165 billion. Note: Apple has declined to comment on its plans or future products.