Craig Irwin, an analyst at Roth Capital Partners, an investment company that has been short on Tesla, said that investors who are long on Tesla should be worried about Apple’s launch of car products. The biggest catalyst in the next few years will be the Apple car released in 2024, but Apple may follow Porsche and slowly expand its production capacity.
I expect the technology of Apple cars will be amazing. He gave Tesla a target stock price of $150, which means that Tesla’s stock price will fall by 81%. Owen said that Tesla also faces other short-term risks: increasingly fierce competition from other traditional automakers.
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According to sources, Apple may start producing electric cars under its own brand as early as 2024. Apple cars may adopt a breakthrough single-cell battery design with a longer cruising range. MacRumors recently published an article that Apple cars are still under development and may have driverless technology.
In regular trading, Tesla rose by US$10.86, or 1.39%, to close at US$793.61, which was a high of US$805 during the session.