Wedbush Securities managing director and senior equity analyst Dan Ives told Yahoo Finance Live in an interview on Friday that Apple’s plan to build a light car with full autonomous capabilities at “75%, 80% with the world” has come true. . Although Apple has not yet released public information on the project but the company has long been working on building a light car model.
Apple’s EV project first came to light in early 2015 when it became clear that Apple was offering incentives for Tesla employees to come and work on electric cars with the consumer electronics company. A Reuters report in 2016 reported that Apple was secretly investigating charging stations and trying to understand the area.
“It’s a matter of time, not if Apple comes out with an Apple car,” Ives said. “We are isolated 75%, 80% – with the world that this happens. We’ve been 2024 [as a possible release date for the Apple car]. ”
The project, referred to as “Titan,” will launch Apple into the $ 10 trillion-a-year global migration market. The industry, which accounts for 13% of global GDP, has grown rapidly over the past four years at about 3.8% a year.
“Apple will not look at this product from the outside,” Ives said. “It was the Fourth Industrial Revolution that came out. And I think Cook and the company within Apple Park, they have a lot of things going on when it comes to automation [vehicles]. ”
EVs could be 20% of the global market by 2030
Current EVs make up about 3% of the global market share – but this figure could rise rapidly in the next decade. A report released last year by Sopheon, the company’s new innodàs management company, predicts that Mhevs hybrids (MHEVs) will jump from 3% of the global market in 2020 to 20% by 2030.
Tesla (TSLA) dominates the EV industry for now, and has enjoyed making history in the stock market this year. But studies suggest that may change.
During the first six months of 2020, Tesla accounted for 79.5% of all new EVs registered in the US. For the same period in 2021, Tesla’s share of new EV registrations dropped to 66.3%.
Audi, Ford (F), and Chevrolet (GM), older car companies with very large sales numbers, have created demand in the EV market as of late. But other EV-focused companies are beginning to grow, both in the US and abroad, which could threaten Tesla’s potential in the industry.
Rivian, a fire truck operator, launched his IPO in November. Chinese electric car manufacturers NIO (NIO) and Xping (XPEV) have also set up a market.