{"id":1459819,"date":"2024-02-28T19:25:00","date_gmt":"2024-02-29T00:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1459819"},"modified":"2024-02-28T19:25:00","modified_gmt":"2024-02-29T00:25:00","slug":"analysts-apple-dropping-ev-plans-black-eye-for-industry-indirect-nod-tesla-is-leader","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/analysts-apple-dropping-ev-plans-black-eye-for-industry-indirect-nod-tesla-is-leader\/1459819\/","title":{"rendered":"Analysts: Apple Dropping EV Plans ‘Black Eye’ For Industry, ‘Indirect Nod’ Tesla Is Leader"},"content":{"rendered":"

Analysts: Apple Dropping EV Plans ‘Black Eye’ For Industry, ‘Indirect Nod’ Tesla Is Leader<\/span><\/p>\n

\n

Analysts are just now getting their footing on what Apple dropping out of the EV race means.<\/p>\n

For Wedbush<\/strong>, Apple dropping its plans to build an electric vehicle is a ‘black eye’ for the EV industry, which has struggled mightily over the last year due to super-saturation, exorbitant labor contracts and ugly economics.<\/p>\n

Wedbush also said in a note Wednesday morning that Apple stepping out of the race was an “indirect nod” to Tesla being the leader in the EV market, per a Bloomberg wrap up.\u00a0<\/p>\n

The analyst called it\u00a0\u201cclearly another negative narrative\u201d for the industry altogether.\u00a0<\/p>\n

Bloomberg Intelligence<\/strong> also weighed in on the decision in the same Wednesday morning note, stating that “Apple\u2019s decision to abandon electric cars and shift resources toward generative AI is a good strategic move given the long-term profitability potential of AI revenue streams”.<\/p>\n

At Morgan Stanley<\/strong>, they also commended the move as ‘cost management’ for Apple, saying the move would allow them to reallocate resources towards more critical ventures such as generative AI.<\/p>\n

<\/a><\/p>\n

They also noted that\u00a0Apple’s endeavors in autonomous\/electric vehicles lagged significantly behind those of its well-capitalized rivals, casting doubt on its potential for successful market entry and the ability to offer a distinct product.<\/p>\n

And as was reported yesterday, it simply isn’t the pricing environment to introduce a high priced car that would afford Apple the margins on products that it is used to.\u00a0<\/p>\n

As we noted<\/a> yesterday, 16 years after Apple first\u00a0planned to build an electric car<\/a>, it’s over.\u00a0Bloomberg reported, according to people with knowledge of the matter, the mega-cap tech company is\u00a0abandoning one of the most ambitious projects in the history of the company – its effort to build an electric car.<\/p>\n

Apple\u00a0made the disclosure internally Tuesday, surprising the nearly 2,000 employees working on the project,\u00a0said the people, who asked not to be identified because the announcement wasn\u2019t public.<\/p>\n

The decision was shared by Chief Operating Officer\u00a0Jeff Williams\u00a0and\u00a0Kevin Lynch, a vice president in charge of the effort, according to the people.<\/p>\n

As Bloomberg highlighted yesterday,\u00a0the decision to ultimately wind down the project is a bombshell for the company, ending a multibillion-dollar effort that would have vaulted Apple into a whole new industry.\u00a0The tech giant started working on a car around 2014, setting its sights on a fully autonomous electric vehicle with a limousine-like interior and voice-guided navigation.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 02\/28\/2024 – 14:25<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts: Apple Dropping EV Plans ‘Black Eye’ For Industry, ‘Indirect Nod’ Tesla Is Leader Analysts are just now getting their footing on what Apple dropping…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1459819","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1459819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1459819"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1459819\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1459819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1459819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1459819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}