(Bloomberg) Apple stock reached a record after rising by 3% on Thursday following news that the company was accelerating its fully autonomous electric car project.
Apple is planning to launch the electric car in 2025, which is a lower timeline than the previously expected five to seven years.
The iPhone giant is said to explore various designs of the car project. The design includes a car with no gas pedals, steering wheel, or brakes.
Apple has reportedly completed the chip design and updated the sensors in readiness for the self-driving system.
Wedbush’s Dan Ives believes Apple cars are a matter of when, adding that the company could also partner with other automakers to make the dream a reality.
Ives expects Apple to add over $30 per share of TAM over the next few years following the EV prospects. He has a $185 price target of the share, which has risen 19% year to date.
AAPL: NASDAQ is currently down -0.057% on premarket.
