An Apple analyst gives his opinion on the hugely speculated release of an Apple Car in 2024 saying that such occurrence is unlikely, but may happen in 2028 or beyond.
Recent leaks about the supposed advanced development of the Apple Car gave rise to rumors that the Cupertino-based tech giant might release the car sooner that what was projected. In mid-December, sources revealed that Apple is two years ahead of its schedule in terms of development. With such information, Apple fans began speculating that the company might release the much-touted vehicle as early as late next year or perhaps in 2022. The market picked up the speculation and soon it became a full-blown rumor. However, Apple analyst Ming-Chi Kuo was quick to pour cold water on the speculations of a 2024 Apple Car launch saying that it is unlikely to happen, though it might take place in 2028 or later.
Kuo: Market 'too bullish' on Apple Car, launch could be 2028 or later https://t.co/Rm5YirTSO8 $AAPL pic.twitter.com/UnpcnLW780 — MacHash (@MacHashNews) December 27, 2020
Last week, a news report from Reuters stated that Apple is looking at 2024 for the full-scale production of the long-rumored Apple Car with advanced technology battery. There are also some whispered talks that the Cupertino tech giant may unveil the much-touted electric vehicle in the second half of 2021 or early 2022. Analyst Kuo, however, would have none of what he calls as purely speculations, adding that an Apple Car launch is unlikely to happen until 2025 to 2027 at the earliest or might not even occur until 2028 or beyond.
Online news outfit MacRumors obtained Kuo's research note saying that Cupertino engineers have yet to finalize some specifications for the Apple Car. He then poured cold water on market speculations about an Apple Car launch in 2021 or even 2024 due to the non-finalization of its specifications. Kuo said he would not be surprised if Apple moves the timeframe of the electric vehicle's launch to 2028 or even beyond.
"We predicted in a previous report that Apple will launch Apple Car in 2023-2025 [...] However, our latest survey indicates that the current development schedule of Apple Car is not clear, and if development starts this year and everything goes well, it will be launched in 2025-2027 at the earliest. Due to changes in the EV/self-driving market and Apple's high-quality standards, we would not be surprised if Apple Car's launch schedule is postponed to 2028 or later," Kuo's research note states. Essentially, what the note is saying that no one should expect an Apple Car launch in 2024, much less in 2021. Instead, everyone should look forward to 2028 and beyond as the possible launch date of the electric vehicle.
The analyst added that the market is "overly bullish" at present about the possibility of an Apple Car launch in 2021 or 2024. He advised investors that at the moment, they need to steer clear from Apple Car-related now as it is still very much uncertain whether there will be an Apple Car launch in 2021 to 2024, adding that such might be possible in 2028 or beyond.
