Apple Scraps EV Plans: Here’s What’s Next, Lower Prices Hosted by Laycee KluinMarch 7, 2024Add As Preferred SourceShareShareShare This VideoLink copied to clipboard. Play video for Apple Scraps EV Plans: Here’s What’s Next, Lower PricesDetailsGuestsUnsurprisingly, Apple NASDAQ: AAPL scrapped its plans to build an electric vehicle. After ten years of effort, the goal to launch a 100% autonomous vehicle in 2024 failed to produce even a timeline of when a car might come, and now it's 2024. Add in the fact the EV market bubble has burst, and there are other fruits to gather, and it makes sense for the shift. Ultimately, Apple’s appeal in the EV world will be software and operating systems rather than vehicles, which plays into what the company is shifting to. AI. Analysts were unfazed by the news. After a brief goodbye to the project, they focused on AI and Apple’s need to catch up. The company appears behind in deploying AI across its ecosystem, a significant opportunity missed. Analysts at Rosenblatt view the company as losing its position as the innovative, market-disrupting consumer tech leader, which may impact the valuation. The stock trades at premium valuations to the S&P 500 and may be unable to maintain it without a new catalyst. Stocks Mentioned in This EpisodeCompanyMarketRank™Current PriceDividend YieldP/E RatioAAPLApple3.8883 of 5 stars$344.63-1.2%0.31%40.52 Add This Stock to My Watchlist Chris Markoch, GuestMarketBeat Contributor, MarketBeatChris Markoch is a freelance financial copywriter with over five years of experience covering various aspects of the financial markets. You may find his writing a little different than other stock articles you’ve read. And that’s OK with him. Chris doesn’t have a traditional finance background. What he does bring to the table is a strong business and marketing background having worked for agencies that serviced Fortune 500 companies. With that in mind, he isn’t overly impressed with what companies say, and more focused on what they do. And because buyer behavior dictates so much of what happens with a stock, Chris always keeps the end consumer close in mind. Chris has been writing for MarketBeat since 2018.Thomas Hughes, GuestMarketBeat Contributor, MarketBeatThomas got his start with the markets while working as a Chef. In 2005 a chance invitation to attend the seminar “How To Buy And Sell Your Own Stocks” altered his worldview. Soon trading and stocks consumed his every waking moment to the point of excluding all else. Thomas now enjoys a much different lifestyle engaged in his true passion, uncovering great investments.Laycee Kluin, HostDigital Marketing Strategist, MarketBeatPrevious VideoAll VideosNext Video Subscribe on YouTube Don't Miss a Video Subscribe to watch the latest stock market videos from MarketBeat. 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Hosted by Laycee KluinMarch 7, 2024Add As Preferred SourceShareShareShare This VideoLink copied to clipboard. Play video for Apple Scraps EV Plans: Here’s What’s Next, Lower PricesDetailsGuestsUnsurprisingly, Apple NASDAQ: AAPL scrapped its plans to build an electric vehicle. After ten years of effort, the goal to launch a 100% autonomous vehicle in 2024 failed to produce even a timeline of when a car might come, and now it's 2024. Add in the fact the EV market bubble has burst, and there are other fruits to gather, and it makes sense for the shift. Ultimately, Apple’s appeal in the EV world will be software and operating systems rather than vehicles, which plays into what the company is shifting to. AI. Analysts were unfazed by the news. After a brief goodbye to the project, they focused on AI and Apple’s need to catch up. The company appears behind in deploying AI across its ecosystem, a significant opportunity missed. Analysts at Rosenblatt view the company as losing its position as the innovative, market-disrupting consumer tech leader, which may impact the valuation. The stock trades at premium valuations to the S&P 500 and may be unable to maintain it without a new catalyst. Stocks Mentioned in This EpisodeCompanyMarketRank™Current PriceDividend YieldP/E RatioAAPLApple3.8883 of 5 stars$344.63-1.2%0.31%40.52 Add This Stock to My Watchlist Chris Markoch, GuestMarketBeat Contributor, MarketBeatChris Markoch is a freelance financial copywriter with over five years of experience covering various aspects of the financial markets. You may find his writing a little different than other stock articles you’ve read. And that’s OK with him. Chris doesn’t have a traditional finance background. What he does bring to the table is a strong business and marketing background having worked for agencies that serviced Fortune 500 companies. With that in mind, he isn’t overly impressed with what companies say, and more focused on what they do. And because buyer behavior dictates so much of what happens with a stock, Chris always keeps the end consumer close in mind. Chris has been writing for MarketBeat since 2018.Thomas Hughes, GuestMarketBeat Contributor, MarketBeatThomas got his start with the markets while working as a Chef. In 2005 a chance invitation to attend the seminar “How To Buy And Sell Your Own Stocks” altered his worldview. Soon trading and stocks consumed his every waking moment to the point of excluding all else. Thomas now enjoys a much different lifestyle engaged in his true passion, uncovering great investments.Laycee Kluin, HostDigital Marketing Strategist, MarketBeatPrevious VideoAll VideosNext Video Subscribe on YouTube Don't Miss a Video Subscribe to watch the latest stock market videos from MarketBeat. We empower investors to make better trading decisions by providing real-time financial data and objective market analysis. Subscribe on YouTube
