The electric carmaker received a blow in the stock price followed by the news presented by WSJ that Apple is aiming to release its EV in 2019.
It was observed recently that Tesla stock went down on the index by a considerable number on Monday’s trading session, which was due to the news released by the Wall Street Journal about how Apple Inc. is planning to launch its electric car in the 2019. This is expected to turn the tables for the electric carmakers in the long run.
In the starting of the session, the stock of the luxury car maker did find its way up by 3 percent, but by the time the trade came to close off, the downfall was recorded to be at 0.82%. The share price was seen to come around at $262.96 before the stock market closed.
Even though the fact that Apple is working on an electric vehicle is not a new thing and the industry is already bracing itself for the high end car the classic smart phone makers could be preparing, Tesla has informed the press about how this does not bother the auto company’s position in the industry and that it is actually glad that so many huge companies in the industry are considering working on electric cars in the first place, as this is going to boost the idea of EVs in the industry.
When the first EV was released in the market, it was received well but many analysts were of the opinion that this could not work out for a longer period. However, the hybrid car makers turned things around by creating customers through production of high end EVs, which were not only highly satiable but also looked gorgeous on the road.
As for Apple, the software firm has been rumored to be working on an EV for quite some time now and this is the first time that it has decided to make things official. Following a meeting with government officials, the Californian tech company decided to break the news into the market and gave the year 2019 as the time it is aiming for the release of the car.
Rumors previously stated that Apple is working on a project, which has been named as Titan and had a couple of hundred people working under it, which included all kinds of executives including software designers and developers from all over the industry. Tesla is well aware of this as the software firm has taken away a number of its employees, offering them a higher pay scale with better facilities. Recent news also suggests that the project Titan now has the permission to work with a team of 600 workers in total to carry out the plans effectively.
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