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22.12.2020

Apple targets car production by 2024

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The car will feature “next level” battery technology

Stocks impacted: Apple (AAPL)

Apple is moving forward with its self-driving car technology and looking to start production by 2024 (however, the date may be pushed to 2025 or beyond due to coronavirus delays). The car will feature “next level” battery technology, and it's going to be a personal, mass-market vehicle rather than a robotaxi or commercial vehicle. A new battery design could radically reduce the cost of batteries and increase the vehicle’s range. The giant is rumored to be reaching out to sensor companies to help it add driver-assistance technology. As a reminder, Apple had previously engaged Magna in talks about manufacturing a car. Magna already has its own EV platform that it can use to build an electric vehicle for other companies. The iPhone maker itself declined to comment on its plans or future products.