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Tesla Shares Skyrocket After Being Compared to Apple

Everybody wants to be like Apple, the world’s most valuable company, and according to Canaccord Genuity analyst Jed Dorsheimer, Tesla is actually pretty close to making it happen.
Tesla is currently the world's most valuable carmaker 1 photo
It’s all because the company’s investments in battery technology and other energy products are helping Tesla build an Apple-inspired ecosystem, the analyst continued. Dorsheimer upgraded Tesla’s stock from hold to buy, generating an increase of 3% on Monday.

TSLA is rapidly creating an Apple-esque ecosystem of energy products, harmonized in electrification, to become The Brand in energy storage,” he said, adding that Tesla’s efforts to improve battery technology are in some ways similar to the “Think Different” campaign that Apple used more than 20 years ago to promote its Mac computers.

But while the analyst compares Tesla to Apple, the two could become fierce rivals in the EV market rather sooner than later.

That's because Apple is investing aggressively in developing its very own EV, and according to people familiar with the matter, the project has reached the point where the company needs to find someone to manufacture it.

After failed talks with Hyundai, Nissan, and other traditional carmakers, Apple could turn to Foxconn, the number one iPhone manufacturer now getting ready to expand in the automotive business with EV assembly plants.

People familiar with the matter said Apple’s plan includes rolling out a so-called beta version of the Apple Car in 2022, when the first prototype would be ready for testing. On the other hand, Apple wouldn’t be able to take on Tesla earlier than 2024 or 2025 when the vehicle would finally be ready for mass production unless something goes wrong and more time is needed for the development stage.

At this point, Tesla is the most valuable carmaker in the entire world with a total cap of $668 billion, up 500 percent in the past year.

 
 
 
 
 

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