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Apple Rumored to Start Producing Apple Car by 2024, AAPL Stock Slightly Up

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by Tolu Ajiboye · 3 min read
Apple Rumored to Start Producing Apple Car by 2024, AAPL Stock Slightly Up
Photo: Apple Inc

The tech giant is looking to produce its own autonomous-car batteries as opposed to outsourcing them. Apple wants to build these batteries in the United States rather than get suppliers from other countries to create them.

Apple Inc (NASDAQ: AAPL) expects to start producing the Apple Car by 2024, according to reports. Although there is no official word from the leading tech giant, there are rumors that Apple has started visiting Asian suppliers and carmakers with regard to this. Reports further state that the company is currently in talks with Japanese carmaker Toyota and Korean electronics brand LG. In addition, Apple is rumored to have met with SK Group, a South Korean conglomerate skin in several sectors. This meeting may also contribute to the realization of the plans that presuppose launching the Apple Car by 2024.

A separate report earlier this year initially began the Apple Car rumor. At the time, the story was that Apple was partnering with Hyundai so that Kia could manufacture the vehicles. Both Hyundai and Kia are South Korean brands, with the latter operating as a sub-brand of the former. The report further stated that Hyundai might not ‘play ball’ with Apple because it intends to float its own model of vehicles that could compete with Apple’s. Soon enough, Hyundai confirmed that they were no longer in talks with Apple about a potential partnership. This allows for further speculation on who would eventually get the Apple Car contract.

Proposed Apple Car Plans Are Many Years in the Making

Currently, the tech corporation is exploring autonomous driving technology. Apple first started working on car-related projects in 2014 and has gone through several management changes since then. So far, Apple already has self-driving Apple Car prototypes that have logged a total of 18,805 miles this year.

According to reports, two different collisions involving Apple Cars happened last month. Both incidents took place in California, in San Diego and Cupertino cities, respectively. Importantly, both neither the self-driving vehicle nor the operators were at fault.

Battery supply could be a major tipping point for Apple’s vehicles. The tech giant is looking to produce its own autonomous-car batteries as opposed to outsourcing them. Apple wants to build these batteries in the United States rather than get suppliers from other countries to create them. According to reports, the tech company may use one of its largest suppliers, Foxconn as a manufacturer of said batteries. Alongside Foxconn, another company, Advanced Lithium Electrochemistry, also plans to set up a battery-manufacturing plant in the United States.

Apple has an assembly plant in China for the majority of its products. However, it still outsources the supply of several production line components from around the world. For instance, the iPhone uses glass supplied by Corning Glass in Kentucky. Nonetheless, suppliers in Japan provide components that go into the creation of the phone’s cameras.

Meanwhile, Apple stock is currently in the pre-market changing hands at about $154.20 (+0.36%). AAPL was the largest contributor to Warren Buffett’s $5.21 billion gain this week. Following this were stocks from the Coca-Cola company and Moody’s respectively.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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