Apple

Apple Gets Price Hike From Evercore on Apple Car Project

Apple  (AAPL) – Get Report received a price target increase to $160 from $145 from an Evercore ISI analyst who said the tech giant’s proposed Apple Car could have the same disruptive impact as the company’s iPhone.

Shares of the Cupertino, Calif. company were up 2.63% to $142.66 in trading Monday.

Analyst Amit Daryanani, who kept an outperform rating on the shares, said in a note to investors that his near-term “bullish bias” is driven by expectations for an iPhone supercycle, the monetization of its installed base and gross margin expansion, according to the Fly.

The analyst also said that recent discussions around Apple Car “have become louder” and sees increased odds that Apple will have a product in the automotive space in the next five years.

Daryanani said the auto market will be a driver for multiple expansion given the potential for Apple to “disrupt the Automotive

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Apple reportedly plans production of electric car with ‘breakthrough battery’ in 2024

Watch: Apple targets self-driving car by 2024

Apple will reportedly manufacture and sell its own electric car within four years, the result of a years-long and secretive effort to enter the market.

The tech giant is planning to produce a vehicle with “breakthrough battery technology” in 2024, Reuters reported.

Apple has spent years developing automotive technology, appearing to vary at times between planning to make its own vehicle and building driverless car software.

However, the company has made breakthroughs in battery technology that promise to dramatically decrease the cost of the batteries and improve a vehicle’s range, according to the report. Better batteries continue to be seen as the main obstacle to electric cars becoming mainstream, accounting for most of the higher cost of grid-powered vehicles.

Apple chief executive Tim Cook - AFP
Apple chief executive Tim Cook – AFP

Apple’s chief executive Tim Cook has warned of “massive change” in the car industry and confirmed

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2 Trillion Reasons Why the Apple iCar Rumors Will Never Go Away

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Steve Jobs was fascinated by the first Tesla vehicles.


Mladen Antonov/AFP via Getty Images

Given that

Apple

has never said a blessed thing about entering the car business, there has been a tremendous amount of discussion about the possibility over the last decade.

“Steve Jobs, if he’d lived, was going to design an iCar,” former Apple (ticker: AAPL) board member—and one-time

Gap

CEO—Mickey Drexler said in an interview in 2014. There are threads about Apple’s potential role in the car business going back further than that, and as Drexler notes in the same interview, Jobs was fascinated by the first

Tesla

vehicles.

The potential for an Apple car resurfaced this week, with a Reuters report asserting that Apple is “moving forward with self-driving car technology” and targeting a 2024 debut for a car that “could include its own breakthrough battery technology.” The story asserts that Apple’s car

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Apple Car to Debut Next Year in September, Claims Sketchy Report

The Apple Car has been a part of rumors for several years now, and if a fresh report is to be believed, then we don’t have to maintain our patience any longer. Apparently, the company’s first effort in the automobile sector will materialize in September of next year.

Report Talks About Apple Car Arriving in 2021, Two Years Ahead of the Intended Release Schedule

According to previous reports, the Apple Car was expected to arrive in 2023. Still, according to Economic News Daily, citing unnamed Taiwanese manufacturer executives, the plan has been put into overdrive, meaning that we could see the product much earlier than expected. Apple’s Taiwanese supply chain partners, which haven’t been named in the latest report, are expected to mass produce the necessary components by as early as Q2, 2021.

Apple Has Secured 80 Percent of TSMC’s 5nm Production Capacity for 2021

The report does mention that

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