Apple stock soared last week amid reports an Apple Car was very much still in the offing and could hit the road as soon as 2024.
However, the prediction was a little too optimistic according to the seasoned Apple analyst Ming-Chi Kuo. He believes the so-called iCar might not be ready to roll out until 2028 or later.
In a note to investors, he said the stock market was “too bullish about Apple Car” and that 2025 represented a best-case scenario for Apple’s electric vehicle ambitions to be realised (via 9to5Mac).
Kuo says there are three probable issues with the potential early launch, cited by Reuters sources last week. He reckons there’s still too much uncertainty about the supplier, the vehicle specifications and whether Apple can even get competitive within the electric car market compared to rivals in such a short space of time.
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The research note does say that if everything “goes well” a release timeline of 2025-2027 is still possible, but he also “would not be surprised” if Apple Car drivers don’t start the ignition until “2028 or later.”
The December 22 report from Reuters cited a breakthrough battery technology that could “radically” reduce the cost of the battery and boost the overall range capability from a single charge.
The report went onto describe a “monocell” battery design could enable Apple to include more matter in the product thus allowing it to cover more miles without the need to be replenished. One source speaking to Reuters said Apple’s new technology was “next level… like the first time you saw the iPhone.”
Very little else is known about Apple’s plans under the Project Titan banner. Many reports suggest Apple could still opt against launching its own vehicle and instead license the tech to an established manufacturer. Either way it appears Apple’s automotive plans are alive and well.