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Apple Reportedly Steps Up EV Plans After Reaching Key Chip Milestone: Bloomberg -Breaking

by Mike Robinson

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© Reuters

By Yasin Ebrahim

Apple (NASDAQ) rose to new highs on Thursday as investors reportedly saw the tech company accelerate its plans for developing an electric car after achieving a critical milestone. 

Apple rose more than 2.6%, bringing it close to its record high of $157.87.

The company recently reached a key milestone in developing the car’s underlying self-driving system, Bloomberg reported, citing people familiar with the situation. This chip will be included in the initial generation of the car.

Apple is internally targeting a launch of its self-driving car in four years, faster than the five- to seven-year timeline that some engineers had been planning for earlier this year, according to the report. 

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