Apple share price: Tech giant joins auto race with CarPlay

Written by: Tsveta van Son
June 23, 2020

iNVEZZ.com, Monday, March 3: Apple Inc (NASDAQ:AAPL) has launched its new CarPlay system with Ferrari, Mercedes-Benz and Volvo (STO:VOLV-A) to be the first partners to build the device into their vehicles.

Apple’s share price which closed just under 0.3 percent lower on the NASDAQ on Friday has shed about one percent in pre-market trading so far today.
**Ferrari, Mercedes-Benz and Volvo to premiere Apple’s CarPlay**
California-based Apple announced in a statement today that Ferrari, Mercedes-Benz and Volvo were rolling out its in-car operating system CarPlay.

With Apple’s CarPlay software, drivers will be able to use Apple Maps as in-car navigation, and will have access to their music, podcasts, audio books and iTunes Radio. Calls can also be made through the system, which will tie into the Siri voice recognition platform.
“CarPlay has been designed from the ground up to provide drivers with an incredible experience using their iPhone in the car,” Greg Joswiak, Apple’s vice president of iPhone and iOS Product Marketing, said in the statement. “We have an amazing line-up of auto partners rolling out CarPlay, and we’re thrilled it will make its debut this week in Geneva.”

In addition to Ferrari, Mercedes-Benz and Volvo, expected to premiere CarPlay to drivers at the Geneva International Motor Show this week, Apple has also struck deals with 13 more manufacturers to integrate the system in the future, including Toyota Motor Corp (TYO:7203), BMW Group (ETR:BMW), Ford (NYSE:F) and General Motors (NYSE:GM).
Apple will compete with Google (NASDAQ:GOOG) which earlier this year outlined plans to bring Android to automobiles. (Google to extend Android’s dominance to cars) Google’s Open Automotive Alliance includes General Motors Co, Audi AG (FRA:NSU), Honda (TYO:7267), Hyundai (KRX:005380) and chipmaker Nvidia (NASDAQ:NVDA).

The launch of Apple’s CarPlay comes amid rumours that the US tech giant is considering a bid for electric car maker Tesla Motors Inc (NASDAQ:TSLA). (Apple’s M&A boss reportedly met with Tesla’s Musk last year)
**Tim Cook promises new products**

In other Apple news, Reuters on Friday quoted chief executive Tim Cook as saying that the tech group was investing heavily in its next generation of products.
Speaking at the company’s annual meeting, Cook said: “We’re working on some things that are extensions of things you can see and some that you can’t see.”
Responding to a question about innovation, Cook noted that Apple preferred not to talk about products under development so as not to tip off the competition.
“You can see we’re getting ripped off left, right and sideways,” he pointed out.
**On Friday, February 28, buy Apple shares at $521.50.**
**On Friday, February 28, sell Apple shares at $520.50.**

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