Apple Inc.’s (NASDAQ: AAPL) plan to build its own self-driving electric vehicle has been leaked…
It’s called “Project Titan” and the company is targeting 2024 for the car’s release.
Instead of being a self-driving taxi service like Alphabet Inc.’s (NASDAQ: GOOGL) Waymo, Apple’s goal is to sell affordable electric vehicles for the masses.
That means Apple would be in direct competition with Tesla’s (NASDAQ: TSLA) Models 3 and Y.
Personally, I expect Tim Cook and Apple to become a major threat to Tesla and Elon Musk.
Apple has a $195 billion war chest on its balance sheet to build the “iCar,” after all. That’s more money than any company in the world.
After selling billions of tech devices with rechargeable batteries for decades now, Apple understands battery technology as well as anyone.
Related: Make THIS your next Apple play…
Central to the company’s strategy to enter the EV market is a new battery design that could “radically reduce the cost of batteries and increase the vehicle’s range,” according to CNBC.
If Apple is able to pull off an affordable EV with more range than the latest Tesla Model 3 and Y’s, it would certainly have long-term potential to boost AAPL stock.
Tesla has risen 11% year-to-date and Apple just 9%, for what it's worth.
But investors need to remember, it took Musk 17 years before he could finally turn Tesla into a sustained profit-making business…
For higher returns, you might want to look into these two LiDAR companies that could become the primary suppliers to Apple’s new car venture…
LiDAR (light detection and ranging) is a method for measuring distances by illuminating the target with laser light and measuring the reflection with a sensor. This is for the self-driving component of the Apple car.
While Musk isn't a fan of LiDAR technology himself, Apple might be on to something here…
They did recently employ LiDAR to some of their latest iPad Pros – so they're likely collecting a ton of good information there that could help with the iCar.
Either way, it will be interesting to see who wins the race to produce fully autonomous driving electric vehicles that are affordable for regular folk like you and me.
Investors should pay attention to Velodyne Lidar Inc. (VLDR), currently trading for only $6.35 per share.
Velodyne Lidar is a Silicon Valley-based LiDAR technology company that largely operates in the automotive space.
However, the business also provides LiDAR solutions used for autonomous vehicles, driver assistance, and delivery vehicles. It helps with the robotics, navigation, and mapping industries as well.
And with the recent uptick in popularity for the electric and autonomous vehicle markets, the company has doubled down on launching a variety of new sensor products to capitalize on future demand.
This is because major manufacturers (in addition to Apple), including Ford Motors (F) and Volvo (VLVLY) said they planned to make LiDAR technology standard for vehicles in the years ahead.
Apple’s next big project could be your chance to get in on the ground floor of a major market boom…
Right now, the global LiDAR market is relatively tiny, valued at around $5.8 billion.
LiDAR, if you’re not reading the tech news daily, is a special sensor system that allows robots, NASA drones, and self-driving cars to “see” more accurately.
It’s not in many consumer products – at least, not yet.
They’re officially “in talks” with a company that the defense industry has loved for years.
If this DARPA darling makes the leap to being a consumer product – and I fully believe that it will – it could boost the global LiDAR market by an estimated 172x.
Which would send the value of the underlying stock soaring…
Offering you the potential for life-altering wealth.