Apple

Apple Car Would Be Welcomed by Parts Maker Pivoting to EVs

(Bloomberg) — Apple Inc. entering the electric-car race could be a boon to Continental AG’s Vitesco Technologies powertrain unit as it attempts a wrenching transition away from internal combustion engines.

Reports that Apple is working on a self-driving EV have ignited speculation about how the technology giant would pursue such a plan. Talks with carmakers including Hyundai Motor Co. have fizzled, perhaps due to reluctance to aid a disruptive new rival. But for automotive suppliers eager to unlock fresh revenue streams, it would be much-needed business.

“An Apple car would certainly be an exciting development,” Vitesco Chief Executive Officer Andreas Wolf said in an interview. “The more EVs there are, the better.”

Soon-to-be spun-off Vitesco can’t afford to be picky. Car-parts makers are under pressure as the industry shifts toward battery-powered vehicles, which require fewer parts than gasoline and diesel-powered cars. Volkswagen AG last week became Germany’s most valuable

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Apple: Wall Street Analysts Talk Apple Car, 5G Super Cycle

As another week came to an end, Wall Street continued to offer its insights on Apple stock. From the Apple Car to the iPhone to the buy-on-weakness opportunity, analysts published several interesting reports on the Cupertino company.

The Apple Maven reviews some of the most interesting expert takes below.

Still bullish on Apple stock

Overall, Wall Street continues to be bullish on Apple. Not much has changed since I last looked at the analyst rating and price target distribution: strong buy recommendation, target of around $148 per share. Because Apple stock has been spinning its wheels lately, the price gap to target has increased.

Check out the table below:

Apple consensus analyst rating.

Apple consensus analyst rating.

Hot takes of the week

One of the most attention-grabbing reports came from “the bull of bulls”, Wedbush’s Dan Ives. The analyst believes that Apple stock can nearly double in the foreseeable future, as it

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Apple Partner Foxconn to Form EV Partnership With Fisker

(Bloomberg) — Foxconn Technology Group will develop an electric vehicle with Fisker Inc., part of the manufacturer’s efforts to boost its automotive capabilities at a time when technology companies including its main customer, Apple Inc., are looking to expand in vehicles.

The car will be built by Foxconn, targeted at multiple markets including North America, Europe, China and India, and sold under the Fisker brand, according to a joint statement from the companies Wednesday. Production is set to start in the fourth quarter of 2023.

Fisker is looking to break new ground with its second planned model. The startup plans to make a vehicle that doesn’t fit into an existing segment, like a sedan or SUV. Its partnership with Foxconn, a Taiwanese smartphone maker which is new to the auto business, is pinned on hopes that the collaboration will bring innovative manufacturing.

“The auto industry is very stale,” company founder

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Apple Supplier Foxconn Teams up With Fisker to Make Electric Vehicles | Technology News

By Akanksha Rana and Ben Klayman

(Reuters) – Electric-car maker Fisker Inc said it will work with Apple Inc supplier Foxconn to produce more than 250,000 vehicles a year beginning in late 2023, sending its shares up 18%.

The deal, codenamed “Project PEAR” (Personal Electric Automotive Revolution), is looking at markets globally, including North America, Europe, China and India, Fisker said.

Foxconn, Apple’s main iPhone maker, has ramped up its interest in electric vehicles (EVs) over the past year or so, announcing deals with Chinese electric-car maker Byton and automakers Zhejiang Geely Holding Group and Stellantis NV’s Fiat Chrysler unit.

Sources have said Apple is targeting 2024 to produce a passenger vehicle.

Foxconn aims to provide components or services to 10% of the world’s EVs by 2025 to 2027, Chairman Liu Young-way said in October.

The Taiwan-based company’s approach poses a major threat to established automakers that technology companies

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