Apple will reportedly announce its electric vehicle partnership in the first half of 2021.
According to investment bank Wedbush, the company will reveal the partnership with a vehicle manufacturer in the first half of this year to hush the rumors and indeed confirm that an Apple Car is in the works. The news follows Hyundai’s revelation it’s no longer working with Apple, despite previous reports suggesting the two companies were set to sign a deal.
Speaking in an investment note, a spokesperson for Wedbush said: “While the timing of an EV partnership with the likes of Hyundai, or another automaker, remains a key focus of the Street and EV industry over the coming months we assign an 85%+ chance that Apple will announce an EV partnership/collaboration over the next 3 to 6 months.”
The report also highlights that now is the ideal time for Apple to enter the automotive industry, as it will follow the likes of Ford and General Motors who are pushing for a green wave of vehicles. The recent inauguration of President Joe Biden could also benefit Apple.
“Taking a step back, the EV industry is entering a golden age as we believe the broader consumer demand trends, innovative battery technology, regulatory EV incentives/tax credits around the globe, and sleeker/affordable models are creating a perfect storm of the demand for sector,” the report continued.
Although Apple could discuss an electric car at a future keynote presentation, the truth is that we’re still several years away from a release. Analysts predict that it’ll be at least 2025 or 2026 before we see the first Apple Car roll off the production line, but it could be sooner.
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