Days after reports suggested that Apple is secretly working on its own electric car and planning to launch it by 2024, a top analyst now says that the launch is expected in 2028 or later. According to famed analyst Ming-Chi Kuo, the market is too bullish about EV of the tech giant. Kuo said that the company will take time at least till 2025 to launch the vehicle and the realistic time for it would be around 2028 or later. The comment by Kuo comes at a time when some reports have claimed that the super secret vehicle of Apple could be launched in 2021. But Kuo has cautioned that such reports unreliable and are meant to create hype around the market.
Kuo in his note said that he initially predicted the launch in 2023-2025. But Kuo said that his latest research leads to the conclusion that it has been pushed back, significantly. He found that even things go as planned for Apple, the only possibility of launching the vehicle is between 2025-2027. This is when the company starts full-fledged development this year. “But considering the standards of Apple and the way industry of EV is changing, I will not be surprised if it doesn’t arrive in the next seven years.”
Talking about the specifications of the EV, Kuo said that they are still evolving as the vehicle is still in the very developing phase. He said that the final specification will be set not before 2023. However, Morgan Stanley analysts have backed the report suggesting the launch date in few years. Talking about the investors who are willing to invest, Kuo said that despite Apple having an edge when it comes to EV vehicles, it is not always that the company will succeed in new business. It also gave the examples HomePod and the company’s failure in capturing the smart speaker market. Kuo also said that there is a fierce battle in the EV and self-driving industry and it is very difficult to assume that Apple will be successful.