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Sun. 28 Nov 2021, 9:18pm ETBenzinga
In: News, Tech, Media

Apple Inc (NASDAQ:AAPL)-focused tech journalist Mark Gurman said that the “Apple Car” would “challenge Apple’s typical launch schedule” followed for current offerings like the iPad, and Apple Watch. 

What Happened: Gurman said in the latest edition of his weekly newsletter that while the “ideal scenario” for the Tim Cook-led company is the release of a newly launched product within days, this won’t be the case with the tech giant’s next major product categories including the Apple Car.

The analyst said that Apple has at least three major new product categories in the works, which would likely cap the two-decade run of Cook as CEO — a mixed virtual and augmented reality headset, augmented reality glasses, and a self-driving car.

“These new products will challenge Apple’s typical launch schedule—and they will likely even stretch the delays we’ve seen with Apple’s previous new categories,” wrote Gurman.

See Also: How To Buy Apple (AAPL) Shares

Why It Matters: Pointing to the tech giant’s “obsessively secretive” culture, Gurman said that it would likely not want to take the steps needed to test its final car design on city streets before actually introducing it. 

The journalist said that the testing process for the electric vehicle would take years. He wrote, “Apple will also need to work with regulators globally and manufacturers, as well as repair centers and fleet management companies.”

In making his case, Gurman pointed to existing electric car makers like Tesla Inc (NASDAQ:TSLA) and Lucid Group Inc (NASDAQ:LCID). He said while Tesla showed off the Model S in 2009, it only began shipping in 2012. Model 3 was announced in 2016, while it rolled off the assembly line in mid-2017.

Lucid showed off its prototype at end of 2016 and the first models only started shipping this month, noted Gurman. Similarly, Rivian Automotive Inc’s (NASDAQ:RIVN) electric pickup truck was introduced in 2018, while the first deliveries only began in September.

“In other words, don’t expect to ride in an Apple car for a long time.”

The Apple car has gone full-throttle under Apple Watch software chief Kevin Lynch, Gurman said previously.

Loup Ventures analyst Gene Munster said the chances of the Cupertino, California-based company releasing a car at 50% ad said it was likely five years away.

This month, Apple’s shares touched record levels thanks to the buzz surrounding the Apple Car.

Price Action: On Friday, Apple shares closed nearly 3.2% lower at $156.81 and rose 0.38% in the after-hours trading. 

Read Next: Is This The Lidar Company Apple Will Use For Apple Car?