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Latest Reports Suggest Apple Car Coming in 2024, AAPL Stock Outperforms Market on Monday

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by Bhushan Akolkar · 3 min read
Latest Reports Suggest Apple Car Coming in 2024, AAPL Stock Outperforms Market on Monday
Photo: Depositphotos

Apple’s is once again making its Project Titan alive and is reportedly focusing on battery technology which will make it cost-effective while simultaneously providing more miles range.

All the buzz around Apple Car seems to get the attention once more. As per the latest report from Reuters, the California-based tech giant Apple Inc (NASDAQ: AAPL) is mulling the launch of its indigenous self-driving passenger vehicle by 2024. Citing people familiar with the matter, the report notes that Apple Car will have its own breakthrough battery technology.

Apple’s ambition of making a self-driving vehicle falls under the company’s own Project Titan announced in 2014. The project has undergone multiple revisions and proceeded unevenly so far. Apple Veteran Doug Field who also happens to work at Tesla previously has returned to oversee this project.

However, Apple this time is reportedly focusing on “radically” transforming the battery technology. An unnamed source from Apple’s battery design team said that the company will build low-cost batteries while simultaneously improving the vehicle range.

Although Apple has deep pockets to deal with any issue under the sky it still faces a supply-chain challenge in delivering these autonomous vehicles. Apple currently relies on third-party vendors to provide some components for its self-driving tech. This includes sensors for its own LIDAR systems. However, a person working on Project Titan said:

“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone”.

Two more people familiar with the matter said that the pandemic-related delays cash push the production to early 2025.

Apple Car Battery Technology

As per Reuters, Apple plans to use the unique “monocell” design for its car’s battery. The design bulks up individual cells and frees-up additional space within the battery pack by simply eliminating pouches and modules that can hold the battery materials. The design also suggests that more active material can be packed inside the battery. Thus, it will potentially support a longer range.

A person from Apple’s battery technology said that ”it’s next level. Like the first time you saw the iPhone”. But launching a full-fledged car on the stream with a robust production is altogether a different ball game. As we have seen, Tesla had to go through years of transformation before finally tasting massive success in 2020.

Besides, the automobile market will be altogether a completely different battlefield for Tesla Inc (NASDAQ: TSLA). A person familiar with the matter said: “In order to have a viable assembly plant, you need 100,000 vehicles annually, with more volume to come”.

Trip Miller, managing partner at Apple investor Gullane Capital Partners also said that it would be a big challenge for Apple to produce large volumes of cars. He added:

“It would seem to me that if Apple develops some advanced operating system or battery technology, it would be best utilized in a partnership with an existing manufacturer under license. As we see with Tesla and the legacy auto companies, having a very complex manufacturing network around the globe doesn’t happen overnight.”

On Monday, Apple (NASDAQ: AAPL) stock price was 1.24% up closing at $128 levels. AAPL stock outperformed the broader market which was under pressure on reports of new COVID-strain in the UK.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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