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Apple shares hit a record high amid new rumors of an “Apple Car,” and Microsoft has fallen from its position as the world’s most valuable company.
Shares of the Cupertino-based company reached a record high on Friday after reports Thursday that the company is accelerating efforts to launch the vehicle.
Shares of Apple rose more than 1% on Friday afternoon to above $ 160. After the Apple Car report was released on Thursday, Apple’s stock price rose about 2.5%. Shares of the company closed at $ 160.55 after the bell rang on Friday.
In late October, Microsoft overtook Apple in market value. After leaps and bounds on Thursday and Friday, Apple regained its position and dethroned Microsoft’s short-lived company as the most valuable company in the world.
Apple’s total market capitalization, calculated by multiplying the stock price by the number of shares outstanding, was $ 2.63 trillion as of Friday’s market.
The Bloomberg A report on Thursday, citing sources familiar with the development of Apple’s car, indicates that the company has decided to deal with a fully autonomous vehicle that could lack a steering wheel and pedals.
According to the report, Apple has targeted an aggressive timeframe for the release of its self-driving car by 2025. Recently, Apple’s special projects group – which works on the vehicle – reached a key milestone in the development of a specialized chip to power autonomous features “Apple Car”.
Apple’s entry into the electric car space, which the company has not yet publicly confirmed, would put it in direct competition with existing players such as Tesla, Rivian and legacy carmakers following the EV strategy.
Earlier on Friday, Morgan Stanley analyst Katy Huberty predicted that the “Apple Car” could be a “game change” for the automotive industry. Daniel Ives of Wedbush also predicts that Apple will announce some sort of strategic EV partnership in 2022 to set the stage for a potential launch three years later.
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