Apple share price: iPhone maker working on electric car?

on Feb 16, 2015
Updated: Oct 21, 2019
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Apple Inc (NASDA:AAPL), the world’s largest technology company, is exploring the possibility of expanding beyond mobile gadgets, according to recent reports in the media. The Wall Street Journal reported on Friday that the Cupertino-based giant had several hundred employees working on a secret project to create an Apple-branded electric car. The newspaper attributed the information to unnamed sources familiar with the matter.

One of the sources cited by the WSJ said that the project, code-named “Titan”, was initially based on the design of a vehicle that resembles a minivan. The size of the team behind the project and the senior people involved indicate that the company has serious intentions, the sources said. However, they cautioned that Apple might ultimately decide not to proceed with the project.
Even if the operation is scrapped, it would still bring some benefits to the company, the WSJ notes. Some of the technologies used in an electric vehicle, such as advanced batteries, could be useful to Apple’s core roster of products, including the iPhone and the iPad. According to one of the sources, Apple has already benefitted from Titan, as it managed to persuade many employees who were thinking of leaving the company to stay and work on the project.

In a separate report on Saturday, Reuters said that the company was exploring how to make a self-driving electric car. As part of its efforts, the company was talking to car manufacturers and automotive suppliers, the newswire said, citing a senior auto industry source familiar with the discussions.“They don’t appear to want a lot of help from carmakers,” the source told Reuters.
In Friday’s trading, Apple shares closed 0.5 percent higher at $127.08. The company’s stock has risen 15.1 percent since the start of the year.

According to the Financial Times, the 41 analysts offering 12 month price targets for Apple have a median target of $135.00, with a high estimate of $160.00 and a low estimate of $60.00. As of February 14, 2015, the consensus forecast amongst 53 polled investment analysts covering Apple has it that the company will outperform the market. The same consensus estimate has been maintained since the sentiment of investment analysts deteriorated on September 29, 2011, the FT notes.
As of 14:22 GMT, Monday, 16 February, Apple Inc. share price is $127.08.

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