A week after the buzz surrounding a Reuters report that quoted anonymous sources regarding the upcoming Apple car, a famed analyst of Apple’s products and services- Ming-Chi Kuo has predicted that the car will not be produced until 2028 at the least.
Popular Apple analyst, Ming-Chi Kuo, in a letter to investors spotted by Apple Insider, has claimed that they should not buy into the new report that suggests the car will launch by 2024. He pointed out some important aspects of production that still seem to be in the nascent stages. The TF Securities analyst asked investors not to buy into the hype created by last week’s report which has led to the high-value of “concept stocks” which are supposedly linked to Apple’s new car. He claimed that the buying of shares in related companies is a “knee-jerk reaction” and that it could be “short-lived”.
In last week’s report by Reuters, it was claimed that Apple Inc is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology.
He also provided three major reasons why investors shouldn’t believe the hype. He claimed that the uncertain “launch schedule”, Apple’s current competitiveness in the EV/self-driving market and the lack of information about the product and the suppliers are aspects investors should be aware of.
TF securities latest survey suggests that even if Apple starts the development process of the car by 2020 and everything goes as planned, the product might only see the light of day around 2025-2027. Kuo goes on to claim that Apple’s own high-quality standards could push the launch date to even 2028.
The Apple electric car project, codenamed “Titan,” is an electric car project undergoing research and development by Apple Inc. Apple has yet to openly discuss any of its self-driving research, but around 5,000 employees were reported to be working on the project as of 2018.