Kuo: Make way for the Apple Car in 2023
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Famed Apple analyst Ming-Chi Kuo is at it again. Kuo, who's now associated with TF International Securities, expects Apple to launch its own branded vehicle between 2023 to 2025. The Apple Car is expected to be positioned as the 'next star product' and is poised to revolutionize the automobile industry just like how the iPhone changed the smartphone landscape in 2007. Kuo feels that the automobile market has 'huge replacement demands' and Apple's know how with technology such as AR can help 'differentiate the Apple Car from peers' products'. He said,
We expect that Apple Car, which will likely be launched in 2023–2025, will be the next star product. The reasons for this are as follows: (1) Potentially huge replacement demands are emerging in the auto sector because it is being redefined by new technologies. The case is the same as the smartphone sector 10 years ago; (2) Apple’s leading technology advantages (e.g. AR) would redefine cars and differentiate Apple Car from peers’ products; (3) Apple’s service will grow significantly by entering the huge car finance market via Apple Car, and (4) Apple can do a better integration of hardware, software, and service than current competitors in the consumer electronics sector and potential competitors in the auto sector."
An interesting point is the expected entry of Apple into the car finance market. Apple's financing options might be more lucrative than competitor offerings and the company's mindshare in technology can help propel sales.
Apple initially wanted to launch its own vehicle under Project Titan but due to many leadership problems, the company opted to shift focus towards developing autonomous driving software under the leadership of Bob Mansfield. The company currently has a CarPlay in-car infotainment system that has been adopted by major car vendors. The recent hiring of ex-Tesla lead engineer Doug Fields implied that Apple is looking to re-ignite its automotive development efforts.
Alongside the Apple Car, Kuo also expects AR to be a major driver of Apple's push into the next trillion dollars. We've been hearing about Apple's AR ambitions since late last year and Kuo believes that Apple's AR implementation will have a 'next-generation revolutionary UI'. The Apple AR glasses are expected to launch sometime in 2020.
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