Apple Shares Hit New Record

Apple shares hit a new record on Friday, with its stock up more than 1% and trading at over $160. This happened after Bloomberg made a report that the company is starting to fast track plans to launch its new, self-driving vehicle.

The full report made by Bloomberg News mentioned that the tech giant is internally positioning itself for a 2025 deadline for the production of the self-driving car.

The company’s decision to enter into the electric vehicle production space could very well position the company for proper competition with established EV (Electric Vehicle) makers Tesla, as well as newcomers Rivian and Lucid Motors. Apple could also compete with the traditional automobile makers which are gradually moving away from the usage of fossil fuels.

EV stocks have seen a surge in recent months, as more investors and mere consumers start to look out for which company ends up as the next Tesla.

Last week, Rivian went public in one of the biggest IPOs 2021 has seen so far, quickly moving past the market cap of automobile giants Ford and General Motors. Shares of both Rivian and Lucid (which went public by virtue of a special purpose acquisition company back in July) have been unstable throughout this week.

The potential entry of Apple – famously known for its electronic gadgets – into the autonomous vehicle industry has been a topic of discussion for a long time. Following the Bloomberg story, Morgan Stanley released two notes and analyst Katy Huberty wrote in one of them that it’s the very first press report that includes a large number of data points sourced to insiders at Apple.

While automobile products are a completely new venture for the company, the track record which the company has in penetrating new markets could be foreshadowing success in the future.

The company’s stock has risen 21% this year, taking its market cap beyond the $2.5 trillion mark.