The concept image was drawn in the image of Apple’s electric car. Carry Porter.com capture
The market is shaken by the news of Apple’s release of self-driving electric vehicles in 2024. Apple’s stock price soared 4.1% for two days, while Tesla, which was known as Apple in the auto industry, plunged 7.8% in the same period.
Apple, listed on the NASDAQ market on the 22nd (local time), ended the deal at $131.88, up 2.85% from the previous day. It rose by 1.25% on the 21st and was on the rise for two consecutive days. This brings Apple closer to its 52-week filing price ($137.98). The news of Apple’s electric car production has been the driving force behind raising the stock price. Earlier, Reuters reported that “Apple is advancing toward the production of self-driving electric vehicles and will produce electric vehicles with breakthrough batteries with the goal of 2024.”
Related companies also benefited from Apple. According to Reuters, Velodyne riders, which supply LiDAR sensors that detect the distance of nearby objects to Apple’s test vehicles, surged 14 percent on the day and Luminar Technologies surged 8 percent.
On the other hand, Tesla, the number one company in the electric vehicle market, faced a headwind. Tesla’s stock price soared 7.6 times this year alone, with the expectation that the automobile market will be reorganized around electric vehicles in the near future. However, Tesla plunged 6.5% on the 21st and fell 1.3% on the previous day, down 7.8% in two days. The 21st was the first trading day after Tesla was officially incorporated into the S&P 500 Index, which consists of the leading stocks representing the New York Stock Exchange. Apple’s entry into the electric car market is putting the brakes on Tesla’s unstoppable run.
The photo shows Musk speaking at the Tesla car delivery ceremony held in Shanghai, China in January. Photo = Yonhap News
Apple’s share price jumped 2.9% the day before, and its market cap also increased by $62 billion (68,758 billion won) from $2.18 trillion to $2,224.2 billion. The daily market cap increase exceeded the total market cap ($58.9 billion) of General Motors, the largest US automaker. Reuters reported that Apple’s market value, which has risen over the past two days, is greater than the market cap of Detroit’s Big Three automakers combined.
Meanwhile, Elon Musk, Tesla’s CEO, said on his Twitter, “In 2018, when the company was difficult, we asked Tim Cook, Apple’s CEO, to see the possibility of selling Tesla, but was rejected.” It was a tenth of the price now.”
Kim Dong-wook reporter [email protected]
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