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Apple Inc. shares surged 3% in pre-sale on Tuesday, a day after Reuters exclusively announced that the iPhone maker aims to launch a passenger car with its own battery technology by 2024.
A central element of the company's strategy is a new battery design that could "drastically" reduce battery costs and increase the vehicle's range, Reuters reported.
“If Apple makes a breakthrough in battery technology, it could be a driver for the ultimate advancement in manufacturing, given that battery cost is one of the major barriers to mass adoption of electric vehicles,” wrote Evercore analyst Amit Daryanani.
The company's shares rose 2.9% to $ 131.9, which will increase its market value by more than $ 62 billion if current earnings are maintained during the trading session on Tuesday.
It remains unclear who will assemble the car under the Apple brand, but sources say they expect the company to rely on a manufacturing partner to build the vehicles.
"It's clear to us that Apple has ambitions in transportation that could lead to significant revenue for the company, the emergence of Tesla's first true competitor, and further evidence that traditional cars are in a quandary in the absence of any partnership with the tech giant." - wrote Gene Munster, managing partner of Loup Ventures.