Reports surfaced today that Apple (NASDAQ: AAPL) is targeting 2024 for the company to start mass production of its highly-awaited Apple Car. According to sources, the iPhone maker is in talks with Japanese and Asian suppliers, including automaker giant Toyota plus LG Electronics and SK Group.
When is the Apple Car going to be released?
The Apple Car launch date has gone through the rumor mill this year with investors and EV fans excited about when they could get their hands on the wheel. After a surge of development in 2015, the company halted operations in 2017 to focus on the underlying autonomous driving technology. However, in 2019, Apple apparently picked up the project again.
Of course, these are just reports and nothing official has been confirmed yet by Apple. Many experts believe that 2024 might be overly ambitious as this will be a massive venture for the tech company.
Can Apple become a leader in the EV space?
Yet, last December, Reuters also suggested that the Apple Car might go into production in 2024 featuring ‘breakthrough’ battery tech. Do Tesla and its EV rivals have something to worry about?
The biggest hurdle the company will face is tapping into a completely new supply chain. With many EV companies struggling with supply issues and chip shortages, this might be a factor that slows the production of the Apple Car down. According to sources, Apple is planning to rely on manufacturing partners to build the car, and even though it wants to make the batteries in the U.S., it might be looking to partnerships with classical vehicle makers like Toyota to do so.
Apple has a great reputation for creating high-quality consumer goods that enjoy a cult-like following. If it can mimic the success of its iPhone and Macbooks, it has the potential to shake up the EV industry and become a real formidable competitor in the busy space.
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Financial Writer at MyWallSt
Nicole's favorite stock is Etsy because she loves its original and handmade items. She believes people are going to stop buying mass-produced items and start purchasing ‘one of a kind’ fashions and furnishings. In a world of sameness, Etsy has the advantage.