Apple Inc.’s (NASDAQ: AAPL) plan to build its own self-driving electric vehicle was just leaked earlier this week.
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.
Related: Is this Elon's Biggest Idea Yet?
Apple has a $180 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.
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 AAPL stock.
Tesla has risen 642% from an $86 per share to $638 this year alone.
But investors need to remember, it took Musk 17 years before he could finally turn Tesla into a sustained profit-making business…
For quicker returns, you might want to look into these two lidar companies that could become the primary suppliers to Apple’s new car venture…
Lidar 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.
In past interviews, Musk has been quoted saying, “Anyone relying on lidar is doomed,” when explaining why they were bad ideas for self-driving cars.
Instead, Tesla is trying to achieve full self-driving with a suit of cameras and a type of radar that are constantly connected to an advanced neural network.
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 lidar companies Velodyne Lidar Inc. (NASDAQ: VLDR) and Luminar Technoloiges Inc. (NASDAQ: LAZR).
These stocks popped 23% and 27%, respectively, as investors predict which one could become Apple’s main lidar supplier.
It charges in just minutes — not hours. It’s 100% emission-free, costs next to nothing, and involves no fossil fuels. The only thing it emits is pure, clean water.
And Bloomberg projects it to “skyrocket 1,000 times over.” Best of all…
Don’t wait another moment.
Now you can lock in its shares at a few dollars, instead of $638 like Tesla.