New York: Apple’s stock was trading at near-record levels on Tuesday after Reuters reported that the technology company seeks to develop a self-driving car, which will be ready by 2024.
The iPhone maker’s stock jumped 5% to its highest since September, adding nearly $100 billion to its market value.
Apple’s shares have risen over 20% since November beginning, bringing its year-to-date gains to 81%, making it on track for its second straight year with a gain of more than 80%.
The news of Apple’s plan came on Monday, a day the shares of leading EV maker Tesla ended 6.5% lower after their debut in the S&P 500.
Analysts are optimistic about Apple’s prospects, seeing signs of strong demand for key products, including high-end models of the 5G iPhone which have been a standout.
Reuters had reported citing unnamed people that Apple is on course to producing a self-driving vehicle that could include its own breakthrough battery technology.
Code-named Project Titan, Apple’s automotive efforts have proceeded unevenly since 2014.
Apple’s goal of developing a personal vehicle for the mass market contrasts with rival Alphabet’s Waymo, which has built robo-taxis.
Key to Apple’s strategy is a new battery design that could drastically pare the cost of batteries and raise a vehicle’s range, the Reuters report said quoting a person who had seen Apple’s battery design.
Apple declined to comment on its plans or future products.
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