Analysts at investment bank Morgan Stanley say that Apple was too far behind in the car market, and cancelling the Apple Car means it can put its resources to better use in AI.
While the apparent cancellation of the Apple Car project has surprised many, analysts at Morgan Stanley say it has never factored in their analysis of the company.
Specifically, Morgan Stanley is retaining its price target for Apple of $220, because it had put no value on Apple Car. That’s because, it now argues, Apple was still only at a testing stage where 20 firms are already selling electric vehicles (EVs), and over 200 are working on EV technology.
