Apple reached a new high on Friday in the wake of a report that the company is speeding up plans to launch a self-driving vehicle. At the time of writing, Apple shares are up just under 2 percent on the news.
According to the report from Bloomberg News, the company has formulated an internal goal to design a self-driving vehicle by 2025.
In the electric car market, Apple will face competition from companies such as Tesla, in addition to new players such as Rivian automotive and Lucid Motors, as well as traditional car manufacturers moving away from fuel engines. The shares of companies such as Lucid Motors and Rivian have risen sharply in recent months as more investors focus on the respective companies becoming “the new Tesla”.
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