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Apple's EV exit shows the challenges of the once red-hot market

Business Insider

Business Insider · 1y ago

Apple's EV exit shows the challenges of the once red-hot market

Apple has reportedly scrapped its plans for an electric car after a decade of work. The company's EV project had undergone several changes in leadership and strategy since its launch in 2014. The decision comes as demand for electric vehicles has slowed, forcing manufacturers to cut costs. While the move may be seen as a setback for Apple, it could also provide a boost for rival EV makers as some of Apple's employees may now join their ranks. Apple's stock surged 2% in response to the news.

Related News

How Xiaomi succeeded where Apple failed - The Economic Times

Economic Times

Economic Times · 1m ago

How Xiaomi succeeded where Apple failed - The Economic Times

Xiaomi, led by Lei Jun, has successfully ventured into the electric vehicle market, capitalizing on China's robust EV ecosystem and strategic recruitment from top automakers. Despite Apple's failed car project, Xiaomi's EVs have seen high demand due to their affordability and integration with Xiaomi's tech ecosystem. Challenges include safety regulations and geopolitical complexities, but strong brand loyalty and strategic investments in the supply chain bolster Xiaomi's position for future growth and potential global expansion.

Apple's electric car crash shows even a $2.8 trillion company can't burn cash forever

Business Insider

Business Insider · 1y ago

Apple's electric car crash shows even a $2.8 trillion company can't burn cash forever

Apple reportedly canceled its secretive electric vehicle project, known as Project Titan, signaling a shift away from side hobbies. With a market capitalization of nearly $3 trillion, Apple has other new areas to invest in, such as its Vision Pro mixed reality headset and further development of artificial intelligence (AI) technology. While the decision to cancel the EV project may be due to the challenges faced by previous attempts in the industry, Apple's focus on AI and mixed reality keeps the company occupied for now.

A new type of geothermal power plant just made the internet a little greener

Wired · 1y ago

A new type of geothermal power plant just made the internet a little greener

A geothermal startup called Fervo has successfully developed a first-of-its-kind geothermal operation in the Nevada desert, known as Project Red. This small but significant project demonstrates a new approach to geothermal power that could utilize the Earth's natural heat anywhere in the world. By drilling into dry rock and creating an artificial hot spring, Fervo's enhanced geothermal system (EGS) generates hot water to drive turbines and produce clean electricity. With the support of Google, Fervo aims to make all of its data centers run on green energy 24/7.

Tesla loses its charm for India's loyalists — even as Musk finally delivers | TechCrunch

TechCrunch · 1m ago

Tesla loses its charm for India's loyalists — even as Musk finally delivers | TechCrunch

Tesla’s launch in India with its first showroom hasn’t impressed early supporters, who feel let down by the lengthy delays and lack of engagement from the company. Despite once eagerly pre-booking Tesla vehicles, many early backers are now hesitant due to poor communication, high import costs, and frustrations over unresolved issues like refunds and anticipated charging infrastructure. Meanwhile, India’s expanding premium EV market offers growing alternatives, reducing Tesla's once significant allure.

Apple without AI looks more like Coca-Cola than high-growth tech

Economic Times

Economic Times · 1y ago

Apple without AI looks more like Coca-Cola than high-growth tech

Apple, once the epitome of stock market success, is now facing challenges as its revenue expansion stagnates and it struggles to keep up with the AI revolution. While the company still generates substantial revenue and maintains a strong balance sheet, investors are concerned about its future growth prospects. With AI becoming the new focus of technology, companies like Nvidia are overtaking Apple in terms of stock performance. Regulatory pressures and declining iPhone sales add to the company's woes. However, some investors still believe in Apple's potential for a rebound, given its financial resources and history of innovation.

Used EV sales fail to take off: Why electric resale market lags

Economic Times

Economic Times · 1y ago

Used EV sales fail to take off: Why electric resale market lags

Sales of used electric vehicles (EVs) are struggling in the resale market due to low demand and lower prices compared to similar-sized vehicles powered by fossil fuels. Experts attribute this to challenges in accurately assessing the condition and performance of second-hand EVs, the limited availability of charging infrastructure, and concerns about battery degradation. Despite the growth of the new EV market, the used EV market still faces significant hurdles.

Elon Musk’s reputation is falling — and it’s taking Tesla with it

The Verge

The Verge · 1y ago

Elon Musk’s reputation is falling — and it’s taking Tesla with it

Elon Musk's controversial behavior is likely contributing to the declining sales of Tesla, according to reputation tracking firm Caliber. Data shows that Tesla's consideration score, indicating consumer interest in the brand, has fallen to 31% from its high of 70% in November 2021. Meanwhile, consideration scores for competing EV manufacturers Audi, BMW, and Mercedes have increased slightly. Another study found that 42% of US consumers view Musk unfavorably, with his conduct facing scrutiny and controversies. While Musk's behavior is likely a factor, Tesla also faces challenges such as manufacturing delays and increasing competition from other EV providers.

Apple’s China dependency spooks investors after ban

Livemint

Livemint · 1y ago

Apple’s China dependency spooks investors after ban

China's ban on iPhones for central government employees has raised concerns among investors, signaling Beijing's prioritization of national security over economic interests. Although analysts do not expect a significant impact on Apple's sales, the move highlights the challenges the company faces in maintaining a delicate relationship with China. Apple's stock has declined more than 6% since the ban was reported, wiping out around $190 billion in market value. China is Apple's third-largest market and a crucial source of growth.

Apple Vision Pro to hit mainland China this year, state media says

Economic Times

Economic Times · 1y ago

Apple Vision Pro to hit mainland China this year, state media says

Apple CEO Tim Cook announced that the Apple Vision Pro headset will be released in mainland China this year. Cook shared this information during the China Development Forum in Beijing. The expansion to the Chinese market shows Apple's commitment to bringing their innovative products to a global audience.

Ola Electric shares surge 90% post-debut to hit $7 billion value

Economic Times

Economic Times · 1y ago

Ola Electric shares surge 90% post-debut to hit $7 billion value

Ola Electric Mobility Ltd.'s shares have surged by nearly 90% in less than two weeks, boosting its market capitalization to over $7 billion. The strong investor demand in India's hot IPO market has helped founder Bhavish Aggarwal reach his target valuation sooner than expected. Investor belief in India's electric vehicle story and the gush of domestic liquidity are driving investors to seek exposure to the EV sector. Ola's successful IPO follows the rally of other new technology businesses in India, including Zomato and PB Fintech. Ola reported widened losses of 15.9 billion rupees for the financial year.

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