Tim CookSource: Apple

What you need to know

  • Reports Apple will release a car in 2024 have caused the company's stock price to surge, adding $102 billion in market value at one point Tuesday.

Reports Apple will release a car in 2024 have seen its stock price climb nearly 5%, adding $102 billion to its market cap on Tuesday.

From Business Insider:

Apple gained 4.7% on Tuesday following a Reuters report on Monday that said the iPhone maker planned to produce electric cars by 2024. The tech giant aims to compete in the rapidly expanding electric-car market with new battery technologies to improve vehicles' safety and range, according to the report. That could "radically" cut down on battery costs, a source familiar with the plans told Reuters. Apple's market value grew by more than $102 billion at intraday highs.

From a report on Monday:

Reported by Reuters, Apple first self-driving car could debut as soon as 2024. The company is targeting the year to produce a passenger vehicle that may also feature a breakthrough in battery technology.

Project Titan, the codename for the company's self-driving car, has been a mysterious topic at Apple since it was first embarked upon back in 2014. While it has seen plenty of uncertainty and shakeups, it appears that the project is moving forward with the goal of releasing a car for consumers.

The reports also follow news from Tesla CEO Elon Musk, who claims that he offered to sell the company to Apple for one-tenth of its current value during the darkest days of the Model 3 program last year.

AAPL ended the day at just shy of $131.90, marking a total increase in market cap of $62 billion, more than the entire market value of General Motors, which is currently $58.5 billion.