Bloomberg News reported on Thursday that Apple Inc is seeking to debut an electric car as soon as 2025. It has refocused the project to include complete self-driving capabilities.
Following the news, Apple’s stock jumped nearly 3% to a new high.
According to the story, Apple’s dream automobile would be devoid of a steering wheel and pedals. Apple electric car will have an interior geared for hands-free driving.
In 2014, it first began designing a car from the ground up. The company’s automotive efforts, known as Project Titan, have progressed unevenly.
As governments and customers become more environmentally conscious, demand for electric vehicles has soared, boosting the market capitalization of firms like Tesla (TSLA.O) and Rivian (RIVN.O) far above traditional carmakers that have been established for decades.
“It’s a matter of when, not if,” Wedbush analyst Dan Ives said, adding that chances of Apple unveiling its own standalone car by 2025 as 60% to 65%.
According to Bloomberg, even with recent improvements, such as the car’s basic self-driving system, processing chips, and improved sensors, some personnel working on the project remained concerned about the schedule.
Apple has not responded to the report.
According to Reuters, Apple plans to create a passenger vehicle in 2024, which might contain its own breakthrough battery technology.
Meanwhile, The Information claimed, citing a memo, that Apple is likely to return employees to offices on Feb. 1 and will allow them to work remotely for up to four weeks per year.
