Following news that Apple is speeding up its attempts to create a self-driving vehicle, the ‘s shares hit a new high.
Apple’s shares closed at $160.55 per share, up 1.7 percent.
According to the report, the corporation is striving for an autonomous car deadline of 2025.
Apple is aiming for a four-year debut of its self-driving car, less than the five- to seven-year schedule that some engineers predicted early this year.
Apple’s possible entry into the driverless vehicle area has long been speculated about.
Apple’s move into the electric vehicle market might pit the business against Tesla, as well as newcomers like Rivian and Lucid Motors, as well as traditional manufacturers moving away from fossil fuels.
In recent months, electric vehicle stocks have risen as more consumers and investors gamble on what they hope will be the next Tesla.
Apple’s Car Project, according to rumors, has a new leader, Apple Watch software executive Kevin Lynch, who reports to Apple’s chief operating officer, Jeff Williams.
Apple’s stock has increased by 21% this year, bringing the company’s market capitalization to $2.6 trillion.
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Microsoft is backing Cruise, self-driving car manufacturer, with a $2 billion investment.
Tesla intends to offer its charging network to other Electric Vehicles later this year