Apple gained 4.7% on Tuesday in the market on Monday as the news said iPhone maker planned to produce electric cars comes out and that about the year 2024 is estimated.
The tech giant Apple aims to compete in the rapidly expanding electric-car market with existing big bulls in the market with its new battery technology to improve vehicles’; safety and range, according to the sources. That could entirely cut down on battery costs and suppress the expenses of making.
It’s market value grew by more than $102 billion at intraday highs. As per the reports of daily market stats before the markets closed, lifted Apple shares to a 1.2% gain on Monday.
Tesla, which would likely serve as Apple’s greatest competitor in the automotive sector, extended losses, and closed 6.5% lower. And there also Elon Musk jumped with the tweet; where he revealed that Apple refused the deal of buying the Tesla electric cars project at its one-tenth cost too.
Apple’s Expansion Plan
Sources told Reuters that Apple planned to tie up with other companies for some vehicle systems other than Tesla, as it more interested to be a competitor with the giant Tesla instead of became the owner of already Build Empire. Suppliers of lidar sensors rallied in early trading.
It has developed its own lidar sensors for the iPhone 12 Pro and iPad Pro models. The report revived discussions of it’s Project Titan automotive plan after layoffs and a leadership shakeup spurred rumors that the project had died which is actually false. The tweet came from CEO and project Architect of Tesla against Tesla proved the rumors of Apple entering in the electronic car development business are true.
The company plans to incorporate “monocell” design to concentrate battery cells and create more space in battery packs by doing away with various storage pockets, Reuters reported. The layout would allow for denser battery units and a longer range than layouts with more loosely packed cells.
It is also experimenting with lithium-iron-phosphate battery chemistry, which could be less likely to overheat than lithium-ion batteries, Reuters reported. But the use of “monocell” is electrochemically impossible to use in this making as it builds max voltage of 100X which is not enough as per the experts, it would be interesting to know how Apple will make this impossible possible with their technology.