Apple’s shares surge on reported plans to launch self-driving electric car in 2024 www.rt.com
Reported efforts by Apple to get into the automotive market and make a passenger vehicle that features its own battery technology boosted the iPhone maker’s stock more than four percent after markets opened on Tuesday.
Apple’s stock was trading above $134 per share shortly after the opening bell on Wall Street. If the rally continues until the end of the trading session, the company’s market cap could jump by around $60 billion.
Investor sentiment was driven by the news that the two-trillion-dollar tech giant is moving forward with its plans to build a vehicle for the mass market, Reuters reported citing two people familiar with the matter. The car, which is part of what is known as Project Titan, is reportedly set to have a new battery design which could significantly cut the cost of batteries and increase the vehicle’s range.
While the report signaled that production is scheduled to start in four years, some of the sources told Reuters that the coronavirus pandemic may push it back to 2025 or beyond.
Some other companies have also benefited from investor excitement. While the report named neither the possible assembler of the car nor any prospective suppliers to Apple, shares of two companies – Velodyne and Luminar – saw two-digit growth on Monday. The firms make lidar sensors that help self-driving cars get a three-dimensional view of the road.
Published Date:2020-12-23