Apple (AAPL) has thrown a curveball into the electric vehicle (EV) industry, which is heating up with Xiaomi (1810). Bloomberg says that the tech giant is changing strategy after shutting down its electric car project. Apple appears to be targeting home robotics, a potentially game-changing frontier.
Personal robotics goes beyond sci-fi movie robots. The corporation may be building a new generation of clever robots that blend into your life and do daily duties.
Instead of just vacuuming and mopping, navigate obstacles and adapt cleaning modes for different surfaces. A robot might help with meal prep, slicing veggies, setting timers, and suggesting dietary-friendly dishes. It may also tell stories, play games, and assist your kids learn.
Could personal robotics be Apple's next great thing, boosting its stock price? The latest behemoth joining Amazon (AMZN), Google (GOOG), and Samsung (005930) in the smart home industry makes the future of smart homes more exciting.
Apple stock has struggled in 2024. Shares have fallen more than 8.5% since January, below their mid-December 2023 record high of $197.50. Despite the recent fall, Apple's year-over-year performance is good, up 2.4%.
Why Did Apple Stop Electric Car Dreams? Apple's product development strategy changed significantly in February 2024. Since 2014, the business had been working on an electric car project called “Titan” internally. Apple entered the electric vehicle business when major tech companies were interested in self-driving technology.
As the market for its main products, like iPhones, was likely to shrink, analysts believe Apple may have explored alternative growth options. A groundbreaking new product category like a self-driving electric automobile may have helped Apple diversify its product line and safeguard future revenue.
Apple abandoned Project Titan after a decade and $10 billion in spending. The technical obstacles of making a safe and dependable self-driving system were significant. Sensor technologies, safety protocols, and navigating different road conditions were among Apple's engineers' biggest problems.
View for more updates