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 $135 billion war chest on its balance sheet to build the “iCar,” after all. That’s more money than any other U.S. company.
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 to boost AAPL stock.
Tesla has dropped 28% year-to-date compared to just a 7.5% loss for Apple so far in this volatile market.
But investors need to remember, it took Musk 17 years before he could finally turn Tesla into a profitable 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 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 LiDAR companies Luminar Technoloiges Inc. (LAZR – trading for $15.80 currently) and Velodyne Lidar Inc. (VLDR – only $4.15 per share).
These stocks should pop if they become Apple’s main LiDAR suppliers for the new Apple iCar.
It’s been just a week since the big tech showcase CES 2022 wrapped up in Las Vegas and during the festivities, Elon showcased one of his many projects…
It wasn’t TESLA … or SpaceX either.
It wasn’t even some crazy new technology.
During CES he showed off his underground tunnel system the “Vegas Loop”…. In fact he even provided transportation to attendees by deploying 70 Teslas in the tunnel.
But as cool as underground tunnels are… this ISN’T the most exciting thing Elon is working on.
In this video, market analyst Tim Bohen explains a new technology dubbed “Project X” that Elon has been working on. And how this has the potential to be a massive opportunity for traders.
In fact… top investor Cathie Wood predicts this might even drive shares to over $3,000!