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 $200+ 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: This $12 EV stock is onto something big…
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.
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 Luminar Technologies (LAZR), a leading LiDAR technology company that designs, develops, and manufactures LiDAR sensors for autonomous vehicles, mapping, and security applications.
Luminar's sensors use a proprietary technology that enables them to detect objects at long distances and high speeds, making them ideal for autonomous vehicles. Luminar was founded in 2012 and has established a reputation for its high-quality LiDAR sensors.
Luminar Technologies, Inc. has a strong market position and is well-positioned to capitalize on the growing demand for LiDAR sensors. The company has a diverse customer base, including automotive manufacturers, self-driving shuttle companies, and commercial trucking companies. Luminar's financials are also impressive, with a revenue growth of 567% YoY, and gross margins of 82%.
Apple has been working on its autonomous vehicle project for several years, and its recent partnership with Hyundai suggests that the project is moving forward. In 2019, Apple acquired Drive.ai, a self-driving shuttle startup, and has been hiring experts in the automotive and autonomous vehicle fields.
Apple's iCar project is rumored to feature advanced LiDAR sensors to enable the vehicle to drive autonomously. Luminar's technology is widely regarded as one of the best in the market, and the company has already partnered with several major automotive manufacturers, including Volvo.
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